USDCAD Forex Forecast 24th_28th June 2019




USDCAD Forecast 24th_28th June 2019




Technical Analysis

Technical Analysis USDCAD 24th_28th June 2019





Technical Analysis USDCAD 24th_28th June 2019
MA200 – H4
Fibo - H4
Trendline - H4
SELL
SELL
SELL

Weekly Forex Forecast and Analysis USDCAD 24th_28th June 2019

The pair of usdcad during the coming week will see a decline in the momentum and move in a fixed area but the usdcad pair will be on sale. All the technical and fundamental indicators confirm the weakness of the Canadian dollar against the US dollar. to up.
We expect the week to fall from 24 to 28 June 2019 to USDCAD and thus we enter the long term trading on the pair, we advise not to rush into trading and expectations for next week from 24th to 28th June 2019 USDCAD pair over the next week will be for sale from current prices.

Looking at the daily chart we notice USD/CAD eying the lower end of the trading zone 1.3150 – 1.3288 contingent on closing below the higher end. Although, the weekly supports at 1.3390 need to be kept in focus.

Further bearishness might require a close below the lower end of the trading zone. This could mean USD/CAD head towards 1.3087.


Alongside, the Relative Strength Index (RSI) U turned crossing below 50 on June 18 indicating to the sellers’ come back.

USDCAD Update June 21st, 2019 – USDCAD rides the Fed wave

USD/CAD Open: 1.3178-1.3179   
Overnight Range: 1.3151-1.3290
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.03 and gold is at $1,387. US markets are higher today.
The Canadian dollar soared yesterday and continued to climb in overnight trading.
The Federal Open Market Committee (FOMC) left US interest rates unchanged as was almost universally expected. However, the degree of dovishness in the tone of the statement was not. That dovishness knocked the US dollar for a loop, and it fell dramatically against all the major G-10 currencies. The Canadian dollar climbed an impressive 1.5% since yesterday’s Toronto opening level.
The Canadian dollar got an added lift from better than expected domestic inflation data and a surge in West Texas Intermediate (WTI) oil prices. Canada May CPI surprised to the upside rising 2.1% year over year, which beat the forecast for a 2.0% gain. More importantly, Core CPI rose 2.4%. The rise in inflation supports the Bank of Canada’s baseline outlook that the domestic economy would recover in the second-half and diminishes the risk that the BoC would lower interest rates.
The 9.6% rise in WTI prices since last week has provided another layer of support to the Canadian dollar. Traders ignored yesterday’s Energy Information Administration (EIA) report that US crude stocks declined in the previous week. Instead, they focused on reports that the China/US trade negotiations would resume after President Trump meets with President Xi Jinping at the Osaka G-20 meeting on June 28-29. The prospect that a trade deal would reinvigorate global economic growth, spurring oil demand, underpinned prices. Furthermore, OPEC and non-OPEC meetings at the beginning of July are expected to result in an extension to the existing production cuts, adding to the price support.
The Fed statement overshadows today's US data, making it a non-event.
Today’s Suggested Range USD/CAD: 1.3130 – 1.3230Weekly Forex Forecast and Analysis USDCAD 24th_28th June 2019
The pair of usdcad during the coming week will see a decline in the momentum and move in a fixed area but the usdcad pair will be on sale. All the technical and fundamental indicators confirm the weakness of the Canadian dollar against the US dollar. to up.
We expect the week to fall from 24 to 28 June 2019 to USDCAD and thus we enter the long term trading on the pair, we advise not to rush into trading and expectations for next week from 24th to 28th June 2019 USDCAD pair over the next week will be for sale from current prices.

Looking at the daily chart we notice USD/CAD eying the lower end of the trading zone 1.3150 – 1.3288 contingent on closing below the higher end. Although, the weekly supports at 1.3390 need to be kept in focus.

Further bearishness might require a close below the lower end of the trading zone. This could mean USD/CAD head towards 1.3087.

Alongside, the Relative Strength Index (RSI) U turned crossing below 50 on June 18 indicating to the sellers’ come back.

Daily Forex Forecast and Analysis USDCAD 24th_28th June 2019




We reach the Canadian dollar against the US dollar to the level of 1.3285 and then go directly into the sale of Canadian against the US dollar.
Technical indicators, Fibo ratios and the 200 MA and the supply and demand index support the decline and weakness of the Canadian dollar against the US dollar.
The daily forecast for the USDCAD pair over the next week, we expect a bearishness for the usdcad pair from the current prices and therefore we will enter the sell trades on the USDCAD pair
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The general trend USDCAD 24th_28th June 2019

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