- Foreign Securities Purchases: Tuesday, 13:30. Foreigners purchased C$4.99 billion in August, after recording two declines. This beat the estimate of C$-1.80 billion. Will we see a stronger reading in September?
USD/CAD Technical Analysis
Technical lines from top to bottom:
We start with resistance at 1.3565.
1.3445 has remained intact since the first week of June. 1.3385 is next.
1.3330 has held since early September.
1.3265 is an immediate resistance line.
1.3150 is providing support.
1.3100 has some breathing room after USD/CAD posted gains last week.
1.3048 (mentioned last week) is protecting the round number of 1.3000, which has psychological significance.
1.2916 was last tested in October 2018.
1.2830 is the final support line for now.
I am bullish on USD/CAD
Risk appetite has improved of late, over optimism that the U.S. and China are close to a limited trade deal. If there are further indications that the deal is imminent, minor currencies such as the Canadian dollar would stand to benefit.
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