- The weekly forecast for USD / CAD shows the renewed tariff concerns.
- Trump announced 35% of tariffs in Canadian goods.
- Canada has published a robust employment report.
The weekly forecast for USD / CAD shows the renewed tariff concern after Trump announced 35% of tariffs in Canadian imports.
UPS and Downs of USD / CAD
Star USD / CAD Had a bicole as a Canadian dollar failed after Trump announced a Canadian tariff on Canadian goods. At the same time, the dollar rejected as Trump renewed his tariff campaign.
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However, there were some pressure on the dollar after the Fomc Minutes showed a higher chance to reduce the price later this year. Meanwhile, Canada has published a firm employment report. The growth of the job was stronger than expected, and the unemployment rate fell to 6.9%.
Key events next week for USD / CAD
Next week, market participants will pay attention to inflation and retail data from the USA. Meanwhile, Canada will publish inflation information, shape the look for cutting down canada.
The American inflation report shows whether the pressures on prices are still on trend. If this is the case, it will give greater confidence to reduce borrowing costs later in the year. On the other hand, if inflation is higher than expected, it could collect concerns about the impact of tariffs at priced pressure. Such an outcome would reduce the expectations to reduce the rate, strengthening the dollar.
USD / CAD Sunday technique Technical forecast: RSI Divergence Triggers Poor Trendline Pause
On the technical side, the USD / CAD price brought a weak break above the 22nd and trendline resistance. The price trades a little above the 30th, and the RSI is over 50 years of age, suggesting Bikovska bias.
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The long price held a bear trend, which brings lower and lower lower. However, the decline slowed down for support of 1,3550, where the price made a double bottom. Meanwhile, RSI has made a bakery parting, which indicates a weaker bear momentum. This is allowed to cause the bulls to cause a resistance zone containing 22-SMA and trendline.
The price ranked up. However, the break was weak because the bulls made candles in small radio. Next week The bulls will have to show a stronger momentum to confirm the break. If this happens, it will confirm the shift in feeling. On the other hand, if they fail to endure step above the trendline, the price will be reduced to restart the support of 1,3550.
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