USDCAD is holding near the 2 month high, the pair has gained more than 200 pips lthe last week. Traders expect no change in rates from Bank of Canada. The pair has touched the 100 day moving average which is a strong resistance level, and the volume does not support a break above that level. i expect USDCAD to test the lows at 1.26 as some profit taking is the most possible scenario.
futures's Blog
USDCAD
USDCAD is approaching again the daily lows at 1.2964, an early USD reaction earlier today ended just above 1.30. I expect the pair to find support at the lows and start a slow recovery targeting 1.31
USDCAD
Strong Canadian retail sales send the USDCAD to daily low at 1.3207 down more than 100 pips for the day. Meanwhile crude oil is trading 1.4% higher after 4 days of losses. Sellers are in full control of the situation here as better macro data increase the chance of a rate hike on July 12th by Bank of Canada.
USDCAD
USDCAD is trading higher today and have reached a major resistance at 1.35 the 50d MA and lasts Friday high. I expect a small profit taking at 1.35 and enter a short position, with tight stop loss