USD/CAD has fallen to a fresh low on the day as the commodity currencies surge.
I recommend trading these currency pairs for the next couple of weeks:
- USD CAD
USD CAD Freshly Updated Charts
Monthly shows two targets at 1.34602 – 107 pips above current target; the second target is at 1.38666 – 510 pips above the current price. The rsi and the cmo are just below the sell and is headed down to the buy zone.
Weekly shows this pair with two targets. The first target is at 1.33243 – 48 pips below the current position; the second target is at 1.30707 – 299 pips below the current position. The rsi and cmo are in the middle and appear to be headed down to the buy zone.
Daily shows two targets. The first target is at 1.33754 – 4 pips above the current position; the second target is at 1.32658 – 105 pips below the current position. The rsi and cmo are just in the middle and headed up to the sell zone.
USD CAD in the news
“After falling to a multi-month low of 1.33 in June, USD/CAD is back above its 200-day moving average. This recent bout of weakness it not estranged to the rising geopolitical uncertainties (…) to which we must add the recent downgrade by Fitch for Government of Canada debt from AAA to AA+.”FX Street sets the three-month target USD/CAD at 1.38.
USD/CAD breached the support at 1.3730 and moved closer to 1.3600.FxEmpire
USD/CAD holds near the monthly low (1.3728) after snapping the range bound price action carried over from April, but Canada’s 1Q Gross Domestic Product (GDP) report may undermine the recent decline, according to DailyFX.
The Canadian dollar posted sharp gains last week, as USD/CAD fell to its lowest level since mid-March. There are seven releases in the upcoming week, including the BoC rate decision, according to ForexCrunch. Check out the economic calendar for the highlights of USD CAD this week.
With AUD and NZD you can make the case that the domestic economies are in good shape on the virus, that’s not so much the case for the loonie.
Cases are still much lower than in the US but not at the point where people can live relatively fear-free like New Zealand.This is a market that’s suddenly feeling much better about the virus and not so great about the US dollar, according to ForexLive.
USD CAD summarized
Was this article helpful for you? What do you think of the USD CAD currency pair? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
I’d love to know what you thought of this article. Don’t forget to go to our facebook page and give us a “Like” and leave your comments.
Before participating in Foreign Currency Trading (Forex Market) you must consider carefully the risks of the market, which has big rewards potential, yet is also extremely risky. Consider all the risks carefully before investing in the Forex Market. Remember that all the information and signals, prices and trade recommendations provided here on Forex and Profits is only general information and market commentary, thus, it does not incorporate investment advice.