Fundamental Analysis: Canadian GDP data surprised the market with growth of 0.3%. Labor market reported stronger than expected. Sharp increases in Oil Prices after OPEC meeting underpin the Canadian dollar. Current week BOC monetary policy and Trade data is in focus. BOC policy likely to remain unchanged and would wait for the FOMC meeting. Trade data could bring a surprise as a further recovery in exports is plausible. Technical Analysis: As seen above in weekly chart the pair has retraced 50% of previous wave A/1 and formed the big bearish candle and closed on a negative note in the previous week. On the daily chart, The Cycle of 60 days working very well. Since Feb 2016 the pair has followed the cycle and formed top after 2 months, except one time i.e. in September 2016. Recently, the pair has followed the cycle, formed the top and breached the ending diagonal pattern on downside accompanied by kink up in ads indicator. In short, as long as the pair sustain below the resistance of 1.3530 levels bias is negative for the pair and it could move lower towards the 1st support of 1.3200 or even lower towards 1.3000 levels. USDCAD Weekly Chart USDCAD Daily Chart Felipe Erazo Felipe Erazo Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. He has been working as a freelance writer and forex/crypto analyst, with experience gained at several forex broker firms and forex/crypto-related media outlets around the world, such as FXStreet. He has been involved in the world of online forex trading since 2010, and in the crypto sphere since 2015. Moreover, Felipe has worked as a journalist and editor for several media outlets across Latin America, collaborating with radio stations from his home country, Colombia, Chile, and the United States. View All Post By Felipe Erazo Forex Bits share Read Next EUR/USD: No Major Downside This Month; En-Route To Parity Yohay Elam 5 years Fundamental Analysis: Canadian GDP data surprised the market with growth of 0.3%. Labor market reported stronger than expected. Sharp increases in Oil Prices after OPEC meeting underpin the Canadian dollar. Current week BOC monetary policy and Trade data is in focus. BOC policy likely to remain unchanged and would wait for the FOMC meeting. Trade data could bring a surprise as a further recovery in exports is plausible. Technical Analysis: As seen above in weekly chart the pair has retraced 50% of previous wave A/1 and formed the big bearish candle and closed on a negative note in the previous… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
