The USD/CAD pair awaits a change in circumstances after the Canadian dollar gained 0.6% last week but weakness may be a temporary condition, in the opinion of FXStreet’s analyst Joseph Trevisani. A number of factors, economic and political, are competing for attention. Key quotes “In Europe, the UK and parts of the United States COVID-19 cases are again rising but the numbers and the potential for reimposing economic restrictions have not brought on a safety surge to the US dollar. American economic statistics have generally been good but the linchpin of the labor economy seems to be weakening and with the stimulus blocked so far in Congress the continuation of the recovery is increasingly doubtful. Canada’s resource-dependent economy needs a global recovery and a rise in commodity prices to thrive but neither is on the horizon.” “Until the economic picture becomes clear neither side of the USD/CAD will be able to secure precedence. The US presidential election was dramatically upended by the COVID-19 of President Trump and several top Republican legislators. In the febrile and emotional atmosphere of the campaign, the political impact may depend on the progress of the illness in one individual, the President, which makes its uncertainty immeasurably greater.” “Given the indecision in economic and political fundamentals, technical aspects take on greater significance. Support at 1.3265, 1.3200 and 1.3145 and 1.3050 is well established with a basis in August and September and the nine months from July 2019 to February this year.” “Resistance levels at 1.3400 and 1.3500 have a lesser pedigree as they stem from pricing during the pandemic volatility and the first half of 2019.” “On balance, the reversal of the September move to 1.3000 and the much more solid support below the current levels tilt the bias in the USD/CAD mildly higher especially when backed by the incipient US dollar safety trade and the weakness in commodities.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500: Four reasons to doubt the instant hopes FX Street 2 years The USD/CAD pair awaits a change in circumstances after the Canadian dollar gained 0.6% last week but weakness may be a temporary condition, in the opinion of FXStreet’s analyst Joseph Trevisani. A number of factors, economic and political, are competing for attention. Key quotes “In Europe, the UK and parts of the United States COVID-19 cases are again rising but the numbers and the potential for reimposing economic restrictions have not brought on a safety surge to the US dollar. American economic statistics have generally been good but the linchpin of the labor economy seems to be weakening and… Regulated 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.