Opinion on the USD/CAD pair
The pair USD/CAD continues trading near the lows of Friday based on the strengthening of the Canadian currency, which was caused by rising oil prices. And this, at the moment is the main driver of the Canadian currency movement.
Publication of the data on Canada’s GDP is expected tomorrow, as well as the speech of the head of the Bank of Canada Poloz. The Market will expect comments made by Poloz on the further tightening of monetary policy. In case, if Poloz confirms that the Bank of Canada will need a considerable amount of time to assess the effect of interest rate growth on the economy, it will put considerable pressure on the Canadian currency.
Technical analysis: The pair USD/CAD maintains an upward dynamic founded support at the intersection of the previously broken resistance line Up of the channel on H4 and the support line for the uplink channel on H1. Friday’s strengthening of the Canadian confirmed my opinion dated October 26, which allowed everyone who uses my recommendations to earn more than 80 points. Read more…
- One should consider the main support levels at 1.2780; 1.2750.
- One should consider the resistance levels at 1.2850; 1.2900.
Fig. Current price USD/CAD – 1,2817
Alexander Sivtsov