USD / CAD Day by day Forecast – The Canadian Greenback Continues To Rise

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USD / CAD Video 03.02.21.

The US greenback is beneath stress in opposition to the Canadian greenback

USD / CAD is presently testing the assist stage at 1.2625 because the US Greenback loses floor in opposition to a big basket of currencies.

The US greenback index took a robust bearish momentum after an unsuccessful try to maneuver above resistance at 91.30. At present, the US greenback index is attempting to maneuver under assist at 90.90. If this try is profitable, the US greenback index will head to the subsequent assist stage which is on the 50 EMA at 90.70 which will probably be bearish for the USD / CAD.

As we speak, Canada reported that its GDP grew 0.1% month-over-month in December in comparison with analysts’ consensus of 0.3% development. The fourth-quarter GDP development price was 2.3% quarter-over-quarter in comparison with analysts’ forecasts which predicted development of 1.5%.

It needs to be famous that yields on US Treasuries have principally remained near yesterday’s ranges, however the US greenback has been hit by a wave of revenue taking after the latest rally.

The USD versus the CAD has taken a robust bearish momentum and is presently attempting to maneuver under the assist at 1.2625. The RSI stays in average territory, and there’s loads of room to realize additional bearish momentum in case the best catalysts emerge.

If USD to CAD strikes under 1.2625, it is going to transfer to the subsequent assist stage which is positioned at 1.2590. A profitable check of assist at 1.2590 will pave the best way for testing of assist at 1.2550. Within the occasion that the USD to CAD drops under the assist at 1.2550, it is going to transfer in the direction of the assist at 1.2525.

On the upside, the closest resistance stage between USD and CAD is at 20 EMA at 1.2665. If the USD to CAD manages to stabilize above the 20 EMA at 1.2665, it is going to head to the subsequent resistance stage which is at 1.2700. A transfer above this stage will push the USD to CAD in the direction of the subsequent resistance on the EMA 50 at 1.2720.

For an summary of all of at the moment’s financial occasions, take a look at our financial calendar.



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