Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Google Add as a preferred source on Google

FxWirePro: USD/CAD gains some ground but bearish outlook persists

• USD/CAD advanced on Wednesday as the greenback posted broad-based gains ​and trade uncertainty revived concerns over Canada's economic outlook.

• The U.S. imposed new ⁠50% tariffs on $20 billion of Canadian imports on Saturday after talks between ​the two countries collapsed. 

• Canada hit back on Tuesday with retaliatory tariffs on about $20 ​billion worth of U.S. annual imports and rolled out aid for businesses and workers.

• Oil prices, a major Canadian export, edged lower as investors monitored Iran-Oman talks over the Strait of Hormuz, while shipping disruptions continued in the key oil-exporting region. U.S. crude futures fell 0.1% to $82.27 a barrel.

•  Immediate resistance is located at 1.3899 (50%fib), any close above will push the pair towards 1.3913(SMA20).

• Support is seen at 1.3831(Daily low) and break below could take the pair towards 1.3740(38.2%fib).

Recommendation: Good to sell  around 1.3920with stop loss of 1.4000 and target price of 1.3860

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.