Overall view of USDCAD - Update of July 15th's week
The pair has been selling off since June, loosing more than 500 pips. The weaker dollar is due to the fact that the US indices inventories favour a bull run, fuelled by the optimism that Feds will be cutting interest rates this month and the current impasse of the trade wars. Thus, the trading volume is steady, and we are likely to experience more downside movement. Nonetheless, chances of a reversal are increasing : Institutional buyers are increasing at the expense of buying retailers.
Possible targets: @1.29000 (+130 pips) and @1.28000 (+220 pips).
Advice: Stay bearish and short at any high points while we don't break upside @1.31000 which would create a new consolidation.
Possible targets: @1.29000 (+130 pips) and @1.28000 (+220 pips).
Advice: Stay bearish and short at any high points while we don't break upside @1.31000 which would create a new consolidation.
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