USDCAD Nothing New In The West
The USDCAD is building its bullish momentum above 1.3000 handle and close currently strong PFN high lead levels around 1.3090 level swing goes higher for the third consecutive day to trade. The dollar continues to benefit from the optimistic employment data for June on Friday. Meanwhile, weaker than expected report accompanied by a drop in crude oil prices Canadian jobs is denting demand for Canadian dollar -linked raw materials and increase the USDCAD higher. The WTI crude oil prices remained suppressed in a stronger dollar and renewed concerns about the global supply overload suffered after reduction below than expected last week in crude oil inventories week (Forex-Market Analysis).
USDCAD Wave Analysis | Forex Reviews
The USDCAD is moving towards the PP clique H4 1.3091 after a bullish breakout of 1.3066 W H3 level. If the pair breaks and closes above 1.3091 next targets are 1.3108 to 20 (double roof, historical sellers) and 1.3140. Oil is down, SP500 hit a record high overnight and price action suggests buying on pullbacks. POC 1 is 1.3066 (W rupture, 23.6, H3), while POC2 is 1.3020 to 30 (DPP top trendline, 61.8) .have note that L3 and EMA are also providing support 1.3000-10 so there are fresh buyers expected to create a setback. H4 is also bullish as we see in our mini table (Forex-Market Analysis).
USDCAD Quick Short | Forex Analysis
This pair initially continued its recent strong rise yesterday, but fell after being unable to hold above 1.3040. A development that points to a more pessimistic outlook is the turning of the old support level at 1.2972 to the resistance a few hours ago. Usually, I would like to wait a day or two before looking at a short after a pullback at that price, but the graph shows that there has been a very strong level, so that looks good.
USDCAD Technicals & Trade Set-up
Digital calls leverage yields: main barriers for bulls – 1.3097 and 1.3145 , a break above would expose more optimistic goals. On the contrary, as the bulls have rearrested in the resistance of 1.3097 and 1.3145 to drift back in range. Tendency to drift in the range although rebounding after testing support at 21DMA. Stagnation predicted the trend of oil prices in the future also removes what has been one of the key factors behind the strength of the CAD in the first half of the year. I WTI crude falling to 44.51 a barrel, while trading was obtained from daily lows of 1.3029 levels at current levels of 1.3078. In a broader perspective, since bulls recovered 21EMA above, it seems that the couple is about to handle format (Forex-Market Analysis).
USDCAD | Forex-Market Analysis
USDCAD reverses arrive last week, and rose more than 100 points. The pair closed at 1.3039. key event this week is the night and Manufacturing Sales rates. Here is an overview of the main markets excavators and an updated technical USDCAD analysis. In the USA, The Fed minutes were cautious and still unlikely a rate hike. employment figures US were strong, in contrast to the employment figures in Canada, as the USDCAD rose back above 1.30 level. USDCAD opened the week at 1.2910 and quickly hit a low of 1.2823. The pair then reversed directions and to a maximum of 1.3091, testing resistance at 1.3081 rose. USDCAD closed the week at 1.3039.
The Canadian dollar has become a global reserve currency since the 1970s when it was launched against all other currencies in the world and even today, a number of central banks and commercial retains Canadian dollars as a reserve currency.