Dollar/CAD fell as hopes for a NAFTA deal increased. Can CAD continue higher? The turn of the month features the Canadian GDP report. Here are the highlights and an updated technical analysis for USD/CAD. Canada’s foreign minister Chrystia Freeland and US Trade Representative Robert Lighthizer said that that progress has been made on NAFTA. The hopes of concluding the negotiations in August boosted the loonie. In the US, data was mostly positive, but USD/CAD moved more on trade than on anything else. [do action=”autoupdate” tag=”EURUSDUpdate”/]USD/CAD daily chart with support and resistance lines on it. Click to enlarge: GDP: Tuesday, 12:30. The Canadian economy grew by 0.1% in April, showing that growth was relatively slow in the spring after an unimpressive first quarter. The report for May may show a pickup in activity. RMPI: Tuesday, 12:30. The Raw Material Price Index reflects inflation in the pipeline. Prices jumped by 3.8% in May, the third consecutive increase. The report for June may not be that great. Manufacturing PMI: Wednesday, 13:30. The manufacturing sector has been enjoying steady growth according to Markit’s forward-looking index. The figure increased to 57.1 points in June. We will now the data for July. *All times are GMT USD/CAD Technical Analysis Dollar/CAD dropped and lost the 1.3125 level mentioned last week. Technical lines from top to bottom: 1.3795 held the pair down in April. 1.3560 capped the pair back in May 2017 and is a high point. 1.3385 was the peak on two occasions in late June. 1.3350 follows close by after serving in both directions in July 2017. 1.3295 held the pair down in mid-July. 1.3220 capped it earlier in the month. 1.3125 was a line of support in late June. 1.3065 was a line of support in mid-July. 1.3035 was a swing low in late July. 1.30 is a round number that is eyed by many. 1.2920 capped the pair in late April and early May as well. 1.2820 served as support in early May. I am neutral on USD/CAD Trump’s positive change of heart on NAFTA is certainly good news for the Canadian dollar. However, a hawkish stance by the Federal Reserve could limit any gains Our latest podcast is titled Festive Fed, Dovish Draghi, and a global trade war Follow us on Sticher or iTunes Further reading: EUR/USD forecast – for everything related to the euro. GBP/USD forecast – Pound/dollar predictions USD/JPY forecast – analysis for dollar/yen AUD/USD forecast – projections for the Aussie dollar. Forex weekly forecast – Outlook for the major events of the week. Safe trading! Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Canadian Dollar ForecastMinors share Read Next GBP/USD Forecast Jul. 30 – Aug. 3 – Can the BOE hike balance the Brexit damage? Yohay Elam 5 years Dollar/CAD fell as hopes for a NAFTA deal increased. Can CAD continue higher? The turn of the month features the Canadian GDP report. Here are the highlights and an updated technical analysis for USD/CAD. Canada's foreign minister Chrystia Freeland and US Trade Representative Robert Lighthizer said that that progress has been made on NAFTA. The hopes of concluding the negotiations in August boosted the loonie. In the US, data was mostly positive, but USD/CAD moved more on trade than on anything else. [do action="autoupdate" tag="EURUSDUpdate"/] USD/CAD daily chart with support and resistance lines on it. Click to enlarge: GDP: Tuesday,… 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.
