Two main reasons for the rally of USDCAD today are:
- Canada GDP contracted to -0.1%
- The appetite for safe haven currency: Greenback.
Look at on the chart:
- USDCAD broke three main resistance:
+ Kumo cloud ( Move above the cloud)
+ Brearish trend line.
+ SMA100
Catalyst from both Fundamental and Technical Analysis contruct the bullish view for USDCAD, I think this trend should be continue.
No major Canada data this week, while we still wait more US data: ADP report, ISM PMI, + Payrolls before the Independence Day: I KEEP BULLISH BIAS FOR USDCAD.
- Canada GDP contracted to -0.1%
- The appetite for safe haven currency: Greenback.
Look at on the chart:
- USDCAD broke three main resistance:
+ Kumo cloud ( Move above the cloud)
+ Brearish trend line.
+ SMA100
Catalyst from both Fundamental and Technical Analysis contruct the bullish view for USDCAD, I think this trend should be continue.
No major Canada data this week, while we still wait more US data: ADP report, ISM PMI, + Payrolls before the Independence Day: I KEEP BULLISH BIAS FOR USDCAD.
