USD/CAD Technical Analysis Forecast

usdcad-technical-analysis-currency-forecast

USDCAD - Last weeks bounce from the trendline that has been in place since mid July helps to keep the currency uptrend intact. We would broadly be looking for additional gains over the coming sessions.

Overcoming 1.0237 is required again to validate this view (this would also see a close back above the 20 and 50 day SMA).

On the downside look for support at the aforementioned trend line with further support at 1.0011 if needed.

Key Economic Events

Tuesday - Building Permits (m/m) | BOC Rate Statement | Ivey PMI

Thursday - Housing Starts | NHPI (m/m)

Friday - Trade Balance | Labor Productivity (q/q)

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