USDCAD

The pair have already dropped from just below 1.36, and that is just in one week. But there are some rather important macro data for both Canada and the US tomorrow that can send it either way.

Bullish on the Greenback.

I think USD/CAD will go to the 1.34385. The price has stoped on the support level.

The Canadian dollar pulled off an impressive performance on Wednesday trading after it made huge advances against the US dollar and its European rivals as OPEC’s production cut lifted commodity-linked currencies.

The Organization of Petroleum exporting Countries and other non-OPEC members including Russia began cutting their oil production last January 1, 2017 which immediately resulted to a surge on oil prices and oil-related currencies including the Canadian dollar.

On Wednesday, the international benchmark, Brent futures, settled up 1.8%, adding $1.02 dollars at %56.49 per barrel while the West Texas Intermediate added 93 cents at $53.26 per barrel.

The Canadian dollar cheered on this oil rally, helping the Lonnie shrugged off the recent US economic figures that showed an expansion on its manufacturing activity last month, and finished up 0.70 cents, 0.9% higher against its US counterpart at 75.14 cents.

For full articles, read : https://www.funds-money.com/canadian-dollar-post-strong-gains-usd/

Oil appear to have started its down turn. Should impact the CAD as well.

USD/CAD is consolidating above the support zone between 1.3175 - 1.3200. I think if it breaks out below that zone it will reach 1.3120 - 1.3100.

USD/CAD finally broke below 1.3170 and it's still falling. I think the closest target is at 1.2960.

Consolidation continues.

I intend to open a long position, the pair has formed a double bottom at 1.3020 and an inverted hammer bar and a doji bar on the 1H time frame.

I would watch for a short term support at 1.3000 and major resistance at 1.3190. The double bottom seems to be a good sign for reversal into a bullish sentiment. The pair is getting outside the oversold area.

USD/CAD is rallying and broke above the resistance at 1.3120. I think next target is 1.3190 - 1.3200, where is the previous high.

Eyes level above 1.33 this time? Fed statement and Yellen coming up.

As oil retraces back down, the USDCAD goes back up. The pair may try to reach the 1.3300 level, which could act as resistance.

I think that if it breaks out above 1.3280 - 1.3300 it will continue climbing toward 1.3340.

The USDCAD had a good bullish momentum that took the pair above the 1.3300 level, but if the pair drops below the 1.3300 level, then it may visit the 1.3233 zone.

The pair rebounded from 1.3387 to retrace back to 1.3330 - 1.3340. I think it will continue moving to the upside, however, for another test of the resistance at 1.3400.

The USDCAD has been very volatily for today with the daily candle showing long shadows in both directions, but there is no clear direction until it breaks the 1.3400 to the upside or the 1.3300 to the downside.

The Canadian Dollar registered a big move to the downside with a renewed optimism in the US currency.