USD/CAD daily graph with support and resistance lines on it. Click to enlarge:
- Wholesale Sales: Tuesday, 8:30. Wholesale Sales is a leading indicator of consumer spending. The indicator posted a decline of 0.2% in February, well off the forecast of 2.1%. Will the indicator rebound in the March release?
- BoC Rate Statement: Wednesday, 10:00. The BoC is expected to maintain rates at 0.50%, where they have been pegged since July 2015. A dovish rate statement would likely send the Canadian dollar to lower levels.
- Corporate Profits: Thursday, 8:30. Corporate Profits has improved, having posted gains for two consecutive quarters. Will we see another gain in Q1?
- BoC Deputy Governor Sylvain Leduc Speaks: Thursday, 12:00. Leduc will speak at an event in Toronto. A speech that is more hawkish than expected is bullish for the Canadian dollar.
USD/CAD Technical Analysis
USD/CAD opened the week at 1.3718 and quickly touched a high of 1.3722. Late in the week, the pair touched a low of 1.3505, breaking below support at 1.3457 (discussed last week). USD/CAD closed the week at 1.3509.
Technical lines, from top to bottom
We begin with resistance at the round number of 1.39.
1.3757 is next.
1.3648 has switched to resistance following sharp losses by USD/CAD.
1.3551 is next.
1.3457 was a high point in September 2015.
1.3351 has held in support since mid-April.
1.3212 is next.
1.3083 is the final support level for now.
I am bullish on USD/CAD
The political turmoil in Washington has decreased investor appetite for risk, and this could hurt the Canadian dollar. If oil prices fail to consolidate last week’s gains, the currency could reverse directions.
- ^ USD/CAD (www.forexcrunch.com)
- ^ obstruction of justice (www.forexcrunch.com)
- ^ discussed last week (www.forexcrunch.com)
- ^ Brexit bites the BOE, volatility evaporates (www.podtrac.com)
- ^ Sticher (www.stitcher.com)
- ^ iTunes (itunes.apple.com)
- ^ Get the 5 most predictable currency pairs (www.forexcrunch.com)
from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/iH6WSwjbypQ/
from Online Forex Trading Resource
View thesource article here