USD/CAD daily chart with support and resistance lines on it. Click to enlarge:
- Wholesale Sales: Monday, 12:30. The indicator is a useful gauge of consumer spending. In April, wholesale sales jumped 1.7%, its best gain since January 2017. The estimate for May stands at 0.8%.
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USD/CAD Technical Analysis
Technical lines from top to bottom:
We begin with resistance at 1.3445. This is followed by 1.3385.
1.3350 has held in resistance since mid-June. Next is 1.3265.
1.3175 was a swing low in late November.
1.3125 was a low point earlier in November
1.3048 (mentioned last week) was relevant throughout the week. 1.2916 is next.
1.2831 has held in support since early October. 1.2729 follows.
1.2654 is the final support level for now.
I remain neutral on USD/CAD
It’s been a lazy July for the pair, and a lack of events this week could mean that the lack of activity will continue. The U.S. economy remains solid, but broad hints from the Powell & Co. that the Fed will lower rates could limit any gains by the greenback.
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