CAD Evaluation and Speaking FactorsUSD/CAD | Downtrend Stays IntactUnwind of Quick CAD Positioning Dangers Accelerating USD/CAD L
CAD Evaluation and Speaking Factors
- USD/CAD | Downtrend Stays Intact
- Unwind of Quick CAD Positioning Dangers Accelerating USD/CAD Losses
- Canadian Greenback Technical Ranges
USD/CAD | Downtrend Stays Intact
The theme of US Greenback stays intact, significantly in USD/CAD with the persistent downtrend hitting recent publish COVID lows following a break beneath help at 1.3170. In flip, given that there’s little in the best way of notable help, USD/CAD raises the chance of accelerating losses in direction of the 1.3000 deal with. Alongside this, the most recent CFTC knowledge highlights that speculators stay brief on the Canadian Greenback and thus an unwind of bearish bets offers scope for USD/CAD to fall additional. On the topside, resistance is located at 1.3200, whereby beneath this degree maintains the bearish bias in USD/CAD.
| Change in | Longs | Shorts | OI |
| Every day | 3% | 6% | 4% |
| Weekly | 4% | 12% | 7% |
Canadian Greenback Technical Ranges
|
Assist |
Resistance |
||
|
1.3065 |
38.2% Fib |
1.3200 |
– |
|
1.3000 |
– |
1.3250 |
– |
|
1.2957 |
2020 Low |
1.3315 |
Jun 10th Low |
Elsewhere, you will need to maintain one eye on oil costs, which has additionally underpinned the restoration in CAD. Within the brief time period, focus will likely be on the OPEC assembly, nonetheless, little is anticipated in the best way of recent coverage as OPEC maintains its stance to gradual taper manufacturing cuts.
G10 FX Transferring Averages
USD/CAD Value Chart: Weekly Time Body
Supply: IG Charts