USDCAD The pair rebounded Tuesday with a minimum of 8 months and closed the session at 1.3084. The fact that "Canadian" and fails to break below support at 1.30 is encouraging sellers previously is focused on the pair USDCAD could reach resistance 1.35.
On the eve of the pressure on the Canadian dollar has had a decline in oil prices that occurred in the sign of a de-escalation of tensions in the Middle East after Iran agreed to resume negotiations on the nuclear deal. Additional support has had a couple of the local recovery of the US dollar strengthened against a basket of currencies, which contributed to a strong report on US retail sales, weakening expectations that the Fed will lower its key interest rate at the end of this month, more than usual. Earlier, the Canadian dollar has appreciated significantly against the US dollar due to the fact that the Bank of Canada at the last meeting and has not informed about the readiness to mitigate the monetary policy in the short term.
On the other hand, the Bank of Canada will likely not be able to stay long on the side of interest rate cuts, the Fed and other regulators will do it parallel restarting quantitative easing program. Today at 15:30 GMT there are data on the index of consumer prices in Canada, which may shed light on future price targets of the Canadian dollar. In that case, if the report is disappointing, USDCAD pair will once again become attractive for shopping.
USDCAD BuyLimit 1,3040 TP 1,3350 SL 1,2990
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author trader analyst Artem Deev company AMarkets