USDCAD Aug 06 to Aug 10 Outlook

By News Robot

Lawrence’s Comment

Recap
Loonie is the odd pair this week as it is not moving with the other majors as US dollar strengthen. Since gold is all over the place last week, that is not a good reason why this pair sits at par all week. Closed the week below midpoint and Y-1.

Outlook
The par level has to hold for US dollar to stand a chance in gaining strength over Loonie. Next level lower is 0.98 and then not much support until 0.92.

Still bullish on this pair so I will be patient waiting for a longer term bottom to form first before I jump in. Signs that we get the bottom is that we see a strong rally from this area going up above B+3 quickly and that B+1 / B-0 turning into strong support.

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