The Canadian dollar rally continued last week, as USD/CAD dropped close to 100 points. The pair closed at 1.2535, its lowest weekly close since June 2015. This week’s key event is GDP. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. The Canadian dollar shrugged off weak inflation numbers, as CPI declined 0.1%, its first decline of the year. In the US, political concerns continues to rise, as Trump’s failure to pass a healthcare bill triggered a fresh wave of US dollar selling. Investors remain skeptical about Trump’s ability to have its agenda passed in Congress. Special Counsel Mueller is expanding his investigation into Trump’s business dealings could be bad news for Trump and is weighing on the US dollar. [do action=”autoupdate” tag=”USDCADUpdate”/]USD/CAD daily graph with support and resistance lines on it. Click to enlarge: Wholesale Sales: Monday, 12:30. The indicator edged up to 1.0% in April, easily beating the estimate of 0.5%. This marked a 4-month high. The forecast for the May report stands at 0.5%. GDP: Friday, 12:30. GDP is released each month. In April, GDP slowed to 0.2%, matching the estimate. This was the weakest gain since February. Another gain of 0.2% is expected in May. USD/CAD Technical Analysis USD/CAD opened the week at 1.2642 and quickly climbed to a high of 1.2701, as resistance held at 1.2710 (discussed last week). It was all downhill from there, as the pair dropped to a low of 1.2518. USD/CAD closed the week at 1.2535. Technical lines, from top to bottom We start with resistance at 1.2980. 1.2823 is the next resistance line. 1.2710 has some breathing room in resistance after USD/CAD posted losses. 1.2563 is a weak resistance line. 1.2457 is providing support. 1.2351 has been a cushion since May 2015. 1.2218 is next. 1.2126 is the final support line. I am bearish on USD/CAD The US dollar is under pressure, with mixed numbers in Q2 and worries that the Fed might not raise rates in December. The Canadian dollar is on a roll, and investor sentiment is strong following a rate increase from the BoC. Our latest podcast is titled Draghi Dud and the Petrol Pendulum Follow us on Sticher or iTunes Safe trading! Further reading: 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 Fed preview: transitory or not transitory? This is the Yohay Elam 6 years The Canadian dollar rally continued last week, as USD/CAD dropped close to 100 points. The pair closed at 1.2535, its lowest weekly close since June 2015. This week's key event is GDP. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. The Canadian dollar shrugged off weak inflation numbers, as CPI declined 0.1%, its first decline of the year. In the US, political concerns continues to rise, as Trump's failure to pass a healthcare bill triggered a fresh wave of US dollar selling. Investors remain skeptical about Trump's ability to have its agenda passed… 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.
