- Weekly forecast for USD / CAD shows an optimism of trade in US Canada.
- Demand for Dolagom fell after the American Senate adopted Trump Controversial Account.
- The couple recovered a little at the end of the week after speeding up the employment numbers.
The weekly forecast for USD / CAD shows optimism in terms of progress in trade negotiations between Canada and the United States.
UPS and Downs of USD / CAD
USD / CAD had a bear Sunday like a Canadian dollar gained hopefully in the Trade Agreement between Canada and the US. At the beginning of the week, the data cited weakness in the American labor market. Private employment fell unexpectedly, weighed on the dollar.
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At the same time, the dollar demand fell after the American Senate adopted the Trump Controversial Account. Meanwhile, progress in conversations between Canada and the United States has reinforced Canadian dollar. However, the couple recovered a little at the end of the week after speeding up the employment numbers.
Key events next week for USD / CAD
The following week will now release FOMC records. Meanwhile, Canada will release its key monthly employment information.
FOMC logs will show a tone of policy makers during the last meeting. Therefore, it could contain traces on future policies moves. So far, the trademores value the first reduction in the course in September.
Meanwhile, a Canadian labor report will continue to shape the look for the break of Canada race. Currently, participants in the price market price 37.25% chance of the incision in July.
USD / CAD Sunday technique Technical forecast: The second attempt at 1,3550 is weak
On the technical page, USD / CAD price is trying to second break below the support level of 1,3550. The price is below 22-SMA with RSI below 50, supporting the bear bias. USD / CAD maintained a falling trend, and the price of the lower high and lowest lines. Although the price broke through the 22nd several times, it respected trendlines of resilience.
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However, as bears cause support from 1,3550 second time, it is clear that the momentum has weakened. The RSI made a larger low, suggesting Fadža swing. Therefore, if the bears are weaker this time, they may not be broken under the support.
In such a case, the price would violate above SMA and trendline resistance. This would allow the bulls to reset resilience level at 1,4003. However, if bears regain swing before this happens, the price will break below 1,3550, continuing the fall.
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