- There are USD / CAD forecasts as Loonie strengthens in front of the likely Boc break.
- Participants in the market are waiting to see the development of events in trade negotiations.
- The United States is set to free the report on Nepharm’s payment list on Friday.
There are USD / CAD forecasts as Loonie strengthens in front of the likely Boc break. At the same time, the American dollar was fragile because traders watched developments in trade negotiations. Moreover, market participants were cautious in front of a crucial report on nonfarms of payment lists.
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After stronger than expected economic data from Canada, traders expect Canada Bank again to pause on Wednesday. The central bank paused its harmonized cycle Durig last meeting, allowing Looni to get. Initially, it was one of the most aggressive in lowering the borrowing costs. However, this has changed.
Merchants will also pay attention to messages on future moves. Goodbye Message could harm the Canadian dollar. On the other hand, a cautious tone could further support the Canadian currency.
Meanwhile, the dollar was weak while traders preferred them to stay aside. The market participants are waiting to see the development of events in trade negotiations between the United States and its partners. Trump called on these countries to provide bids for negotiations to Wednesday. At the same time, the United States is set to free the report on Nepharm’s payment list on Friday. This will shape Outlook to reduce the feedback rates.
Today is key events USD / CAD
- American ADP Nefuna changes in employment
- BOK statement
- US ISM Services PMI
- BOC Press Conference
USD / CAD Technical Forecast: Bers Cracking 1.3701 Support
On the technical page, USD / CAD price is setup level of 1,3701. Skinny far below 30ths, with RSI at the bear territory below 50. Therefore, the bear bias is strong.
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The price recently continued its decline after the bears took over near the resistance level of 1,3850. However, their first attempt to support 1,3701 failed and the price refused higher. Currently, the price sets another attempt at this level. The lower vacation will allow bears to reach 1,3650 support.
However, if the level again holds the firm, the price is likely to bounce more to reset 30ths. Bear bias will remain if the price remains below SMA. On the other hand, the Pause above SMA line would allow USD / CAD to climb the 1.3850 level.
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