USD/CAD is looking south, having breached key support on Monday. Canadian election results may have little or no impact on underlying trending in the CAD. USD/CAD is currently trading at 1.3078, the lowest level since July 22, representing a 0.20% loss on the day. The pair closed well below 1.3134 (Sept. 10 low) on Monday, bolstering the bearish setup, as represented by the lower highs, lower lows created since Oct. 10, a below-50 reading on the relative strength index and the downward sloping 5- and 10-day moving averages. As a result, a deeper drop to 1.3050 could be in the offing. Canadian elections a non-event? Prime Minister Trudeau’s Liberals and the main opposition Conservatives led by Andrew Scheer are in a neck-and-neck race, according to opinion polls and observers believe markets are underpricing the possibility of a minority government. That said, historically Federal elections do not appear to have had a significant impact on the underlying trend in the CAD, according to Scotiabank’s Shaun Osborne. The CAD, therefore, may continue to gain ground, as suggested by technical charts, especially with the easing of US-China trade tensions. The bearish technical outlook would be invalidated if the USD/CAD pair posts a convincing daily close above 1.3134. Daily chart Trend: Bearish Technical levels 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 PBOC to set Yuan reference rate at 7.0708 – Reuters FX Street 3 years USD/CAD is looking south, having breached key support on Monday. Canadian election results may have little or no impact on underlying trending in the CAD. USD/CAD is currently trading at 1.3078, the lowest level since July 22, representing a 0.20% loss on the day. The pair closed well below 1.3134 (Sept. 10 low) on Monday, bolstering the bearish setup, as represented by the lower highs, lower lows created since Oct. 10, a below-50 reading on the relative strength index and the downward sloping 5- and 10-day moving averages. As a result, a deeper drop to 1.3050 could… 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.
