- USD / CAD Forecast suggests solid bears.
- GDP Canada has expanded 2.2% in the first quarter, beating the estimates of increasing 1.7%.
- Trump threatened to increase tariffs on the import of aluminum and steel at 50%.
The USD / CAD forecast suggests a solid bear feeling while the Canadian dollar extends the winnings after the GDP report. At the same time, the dollar remained weak in the middle of Trump tariff tensions. However, American inflation on the refrigerator from expectations facilitated expectations from reducing feet in the years.
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Canadian dollar strengthened on Friday after data has revealed better than expected performance in a canady economy. In the first quarter, GDP expanded 2.2%, beating the estimates of an increase of 1.7%. Acceleration data was alleviated by economic care, reducing the expectations for the bank of the Canadian rate this week.
At the last meeting, the Canada bank poseed its aggressive speed cut cycle. However, experts expected the Central Bank to continue to continue the decrease in the course. However, the economy made better than expected. Consequently, participants in the price market price 75% chance of the Bank of Canada pauses again this week again.
On the other hand, the dollar was fragile because market participants were worried about the aggressive tariffs of Trump. The American president threatened to increase tariffs on the import of aluminum and steel at 50%. Such a move would increase trading tensions with its partners. At the same time, tensions with China over tariffs on critical minerals are moistened appetite for American property.
Otherwise, the data revealed that inflation in the US abolished 2.1% in April from a previous reading of 2.3%. The report has alleviated the expectations of reducing the lower part rate.
Today is key events USD / CAD
- ISM Production of PMI
- Presiding Chair Powell Speaks
Technical Kad / CAD Technical Forecast: Overvhevming Medvesti Pressure
On the Technical Page, USD / CAD price has violated below the support level of support from 1,3701, tender strength. The price is well below 30ths, with RSI in a covering region, which shows the bears have strong leadership. Initially, the price was reversed on the flumy when it met the level of resilience at 1.4000.
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However, the padnjack paused when the price reached the level of support 1,3701, allowing the bulls to return to return. As a result, the price woke up and smashed above the 30ths. However, the bulls were not strong enough to maintain the move above SMA. Consequently, the price has been interrupted below SMA.
Currently, the bulls reached lower low, confirming the continuation of the trend reduction. The clean break below 1,3701 will allow USD / CAD to reset lower support levels.
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