-SL @ 1.36681
SLO2 @ 1.3620 (conservative)
SLO1 @ 1.3525 (aggressive)
TP1 @ 1.3350
TP2 @ 1.3215
TP3 @ 1.2980
TP4 @ 1.2833
BLO @ 1.2795
-SL @ 1.27278
TECHNICAL ANALYSIS:
Although, the pair is currently trading above the 200-day moving average, which is a bullish signal, Price Action for USDCAD is sideways. This range is a strong indication that it is consolidating before moving in a new direction — a downtrend. Traders should be aware of both the bullish and bearish signals before making any trading decisions.
FUNDAMENTAL ANALYSIS:
At this time, it's not clear what the future holds for USDCAD. The US dollar will do well if the economy is strong and interest rates go up. The Canadian dollar is being helped by a strong home market and rising oil prices. This is why the price action of USDCAD has been consolidating.
Factors affecting the USDCAD exchange rate are as follows:
(1) U.S. Interest Rates:
How interest rates are right now in the U.S. because of what the Federal Reserve does, interest rates are expected to keep going up in 2023. Buyers will want more USD, which will push the USDCAD exchange rate down.
(2) Canadian Interest Rates:
The Bank of Canada is also likely to raise rates in 2023. But the rate of growth is likely to be slower than in the United States. This could help the Canadian dollar get stronger and stop the USDCAD exchange rate from going down even more.
(3) Oil Costs:
The price of oil has never been this high. This is good news for Canada's economy and may help the value of the loonie stay the same. But if oil prices went down, the USDCAD exchange rate could be hurt.
(4) Canada's Housing Sector:
The home market in Canada is doing well right now. This is good news for Canada's economy and may help the value of the loonie stay the same. But the USDCAD could be hurt if the home market starts to slow down.
SLO2 @ 1.3620 (conservative)
SLO1 @ 1.3525 (aggressive)
TP1 @ 1.3350
TP2 @ 1.3215
TP3 @ 1.2980
TP4 @ 1.2833
BLO @ 1.2795
-SL @ 1.27278
TECHNICAL ANALYSIS:
Although, the pair is currently trading above the 200-day moving average, which is a bullish signal, Price Action for USDCAD is sideways. This range is a strong indication that it is consolidating before moving in a new direction — a downtrend. Traders should be aware of both the bullish and bearish signals before making any trading decisions.
FUNDAMENTAL ANALYSIS:
At this time, it's not clear what the future holds for USDCAD. The US dollar will do well if the economy is strong and interest rates go up. The Canadian dollar is being helped by a strong home market and rising oil prices. This is why the price action of USDCAD has been consolidating.
Factors affecting the USDCAD exchange rate are as follows:
(1) U.S. Interest Rates:
How interest rates are right now in the U.S. because of what the Federal Reserve does, interest rates are expected to keep going up in 2023. Buyers will want more USD, which will push the USDCAD exchange rate down.
(2) Canadian Interest Rates:
The Bank of Canada is also likely to raise rates in 2023. But the rate of growth is likely to be slower than in the United States. This could help the Canadian dollar get stronger and stop the USDCAD exchange rate from going down even more.
(3) Oil Costs:
The price of oil has never been this high. This is good news for Canada's economy and may help the value of the loonie stay the same. But if oil prices went down, the USDCAD exchange rate could be hurt.
(4) Canada's Housing Sector:
The home market in Canada is doing well right now. This is good news for Canada's economy and may help the value of the loonie stay the same. But the USDCAD could be hurt if the home market starts to slow down.
Professor C. E. Ward
