USDCAD forecast next week initially looked bearish after having broken the 1.3000 support around Dec 27, 2019. And a bullish Crude Oil Candle was expected to add bearish pressure in the coming days after that. It was expected that if the week’s candle closed below 1.3000 level the pair USDCAD would remain bearish for several weeks. But as of now USDCAD sits near 1-week tops and has been oscillating in a range just below mid-1.3000s for quite sometime now.
USDCAD forecast next week
This unexpected turn around happened as a result of falling oil prices, which almost fell by 9% on Wednesday w.r.t the daily high as a result of President Trump’s speech which sought to downplay the USA- Iran tensions and soothed investor’s worries over a looming all out war with Iran. As a result the performance of the Dollar improved and the day ended with a positive outcome for Treasury bond yields. Thereby giving push to USDCAD. USCAD is in consolidation phase right now and so is the loonie : USDCAD.
Canadian Housing Starts and Building Permits ahead of Bank of Canada’s (BOC) Governor Stephen Poloz’s speech the Greater Vancouver Board of Trade’s Economic Outlook Forum will be something which Traders would ought to be looking at to gauge the markets directional indicators. It is expected to have positive housing starts numbers and at the same time if BOC’s Poloz could maintain a hawkish tone it could work to renew the Canadian dollar’s strength.
It will be pretty interesting to watch out for the outcome of the US weekly jobless claims and keywords in the coming speeches from the US Federal Reserve (Fed) policymakers.
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