USDCAD - Has the Direction Changed?
USDCAD - Has the Direction Changed?
From a currency index standpoint, the DXY appears to be trending downward while the CXY is trending upward. Could the Canadian dollar be getting stronger than the US dollar?
Let’s observe from a technical standpoint. There appears to be the formation of a double top. If the technicals are accurate and the harmonic pattern is on point, we see the potential for USDCAD to drop as low as 1.37081. If it breaks this level, we may see the price go as low as 1.36499.
In the meantime, we observe and wait to see which economy’s fundamentals wax stronger. Currently, the CAD is stronger.
From a currency index standpoint, the DXY appears to be trending downward while the CXY is trending upward. Could the Canadian dollar be getting stronger than the US dollar?
Let’s observe from a technical standpoint. There appears to be the formation of a double top. If the technicals are accurate and the harmonic pattern is on point, we see the potential for USDCAD to drop as low as 1.37081. If it breaks this level, we may see the price go as low as 1.36499.
In the meantime, we observe and wait to see which economy’s fundamentals wax stronger. Currently, the CAD is stronger.
Note
The currency index observations are still on point. Price respected the 1.39000 region and price is still expected to drop to the levels mentioned previously.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.