The Canadian dollar lost close to a 100 points last week, as USD/CAD jumped late in the week and closed at 1.3186. There are just three events this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. The Fed minutes brought more uncertainty to the timing of a rate hike, as the Fed is clearly hesitant about raising rates in September. US employment numbers were steady and housing numbers beat expectations. Canadian retail sales numbers were stronger than expected but the loonie still swooned late in the week. [do action=”autoupdate” tag=”USDCADUpdate”/]USD/CAD daily chart with support and resistance lines on it. Click to enlarge: BOC Deputy Governor Lawrence Schembri Speaks: Tuesday, 16:25. Schembri will speak at an event in Kingston. A speech which is more hawkish than expected is bullish for the Canadian dollar. Corporate Profits: Thursday, 12:30. This indicator has been struggling, posting two straight declines. The Q1 release was dismal, with a reading of -6.0%. Will the indicator rebound into positive territory in Q2? RMPI: Friday, 12:30. RMPI measures the change in inflation in the manufacturing sector. The June reading came in at a flat 0.0%, well below the forecast of 1.1%. * All times are GMT. USD/CAD Technical Analysis USD/CAD opened the week at 1.3100 and dropped to a low of 1.3024. The pair posted strong gains late in the week, climbing to a high of 1.3192, punching above support at 1.3165 (discussed last week). USD/CAD closed the week at 1.3186. Live chart of USD/CAD: [do action=”tradingviews” pair=”USDCAD” interval=”60″/]Technical lines, from top to bottom We start with resistance at 1.3587. 1.3443 was a cap in December 2003. 1.3346 has held firm since August 2004. 1.3213 was an important cap in early August. 1.3165 was breached and has switched to a support level. It is a weak line and could see action early in the week. 1.3063 is protecting the symbolic line of 1.30. It has strengthened as the pair posted gains last week. 1.2924 has held firm since late July. 1.2798 is the next line of support. 1.2673 is the final support line for now. I am bullish on USD/CAD Continuing worries about China and Greece could hurt minor currencies like the Canadian dollar. As well, falling oil prices will likely continue to weigh on the struggling Canadian dollar. In our latest podcast we collect the crashes: commodities, Fed hike and later Greece Follow us on Stitcher. Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro to Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. For the kiwi, see the NZDUSD forecast. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Canadian Dollar ForecastMinorsWeekly Forex Forecasts share Read Next NZD/USD Forecast August 24-28 Yohay Elam 7 years The Canadian dollar lost close to a 100 points last week, as USD/CAD jumped late in the week and closed at 1.3186. There are just three events this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. The Fed minutes brought more uncertainty to the timing of a rate hike, as the Fed is clearly hesitant about raising rates in September. US employment numbers were steady and housing numbers beat expectations. Canadian retail sales numbers were stronger than expected but the loonie still swooned late in the week. [do action="autoupdate" tag="USDCADUpdate"/] USD/CAD daily… 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.
