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 1.31482 – 453 pips below the current price. The second target is at 1.38698 – 281 pips above the current price. The rsi and cmo are below the sell zone. Once they reach the sell zone, then a sell order should be considered.
Weekly shows this pair with a target at 1.38332 – 238 above the current price. The rsi and cmo are in the middle and headed to the buy zone indicating more down movement from this pair before it goes to back up to target.
Daily shows a target at 1.36179 – 25 pips above the current price. The rsi and cmo are in the middle and appear to be moving toward the sell zone indicating up action to come.
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.
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