- Outlook USD / CAD reflects caution among merchants who are in front of the Federal Election Choices of Canada.
- Sales in Canada decreased by 0.4% in February.
- The dollar was held last week’s profit as trades expected development in the American-Chinese Trade War.
Outlook USD / CAD reflects caution among traders to the eve of general results in Canada. As a result, most remained aside, holding a couple in a narrow range. Meanwhile, the dollar was stable because market participants had hoped to trade agreement between China and the US.
The general elections of Canada are Monday. The outcome will determine the future of the country, especially its trading relations with the United States. The ruling party of Prime Minister Marko Marka Carney remains in Olovo. So far, its government was willing to do whatever it takes to ensure the stability of the Canadian economy. An unexpected victory could be in short weaker Loonie.
Meanwhile, the data published last week has shown that sales in Canada has been reduced by 0.4% in February. However, this was an improvement from the previous month when sales fell by 0.6%. Moreover, analysts predict a 0.7% bicycle in March.
On the other hand, the dollar was held last week’s gains as a trader who was expected to develop in the American-Chinese Trade War. The two countries have adopted a softer attitude about tariffs last week, increasing the risk appetite. If tariffs are collapsing, the probability will increase the trade contract. At the same time, prospects for both economies can be brightened.
Today is key events USD / CAD
USD / CAD Technical view: The bulls take lead, but they remain undecided
On the technical page, USD / CAD price was pushed above the 30th, indicating that the bulls took advantage. At the same time, RSI trades above 50 years, suggests that it is stronger swing. However, instability remains low and trade is thin, which shows indecision.
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Although the bulls have taken responsibility, they are not willing to bet large and real significant swings above SMA. The previous decline has slowed and paused when the price reached a key support zone containing 1,618 extension level 1.618 and support level of 1,3800.
Here, a bear momentum faded, and the RSI made a bakery parting. At the same time, the price began to be held near SMA until it was broken up. If volatility increases, the price is likely to repeat the resistance level at 1,4050. The break above this level would confirm a new posttrend.
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