USD/CAD Price Analysis: Remains over 1.3600 and is prepared to rise higher.

 

On Friday, USD/CAD makes a slight intraday rebound move from the 50-day SMA support. Although a lower USD limits gains, falling oil prices boost and weaken the Canadian dollar. The configuration favors bullish traders and provides hope for additional price appreciation.

On the last day of the week, the USD/CAD pair defends the 50-day SMA support and draws some buyers at the 1.3570-1.3565 region. The commodity-linked Loonie is under pressure, and the major is given some support as crude oil prices retain their negative leaning close to the YTD low. However, the upside for the USD/CAD pair is constrained by the pervasive US Dollar selling tendency, which is boosting wagers on the Fed raising rates less aggressively. Despite moving down from the daily low by a few pips, spot prices remain above the 1.3600 level during the early North American session.

Read More...

EDGE-FOREX

Comments

Post a Comment

Popular posts from this blog

4 Global Market Updates- 11 July, 2022

  In this article, we have covered the highlights of global market news about the  UK Conservative leadership, Fiscal policy, US Dollar , and Natural Gas . Candidates for the UK Conservative leadership present contrasting tax strategies. Jeremy Hunt, a candidate for the UK Conservative leadership, said on Monday that he wants to reduce all taxes. “I can decrease taxes within our present budgetary laws,” Hunt continued. While this is happening, several UK media sites claim that UK Finance Minister Nadhim Zahawi intends to impose 20 percent budget cutbacks across the board to pay for his proposed tax cuts. Zahawi ran for the position of prime minister after Boris Johnson. Read More... forex managed account services   #globalmarket #UK #USD #tax #naturalgas #dollar #forex #trading #trade #edgeforex
Read more

4 Global Market Updates- 22 July, 2022

  In this article, we have covered the highlights of global market news about the Price of Natural Gas, Dollar , Crude Oil Prices and  Gold Price . Futures for natural gas: Further increases seem to be unfavorable On Thursday, open interest in natural gas futures markets decreased by around 3.2 thousand contracts, which was the opposite of the previous increase when advanced prints from CME Group were included. After three days of daily increases, volume followed suit and decreased by roughly ten thousand contracts. Read More... forex factory   #leverage #fxtrading #foreignexchange #trading #forextrading #risk #forexnews #globalmarket #edgeforex
Read more

Sri Lanka is running out of gasoline

  Sri Lanka’s newly appointed prime minister has stated that the cash-strapped island nation has run out of petrol, and that the country urgently needs $75 million in foreign exchange in the coming days to pay for essential imports such as medicine.  He also stated that the government was unable to raise funds to pay for three oil shipments, with the ships awaiting payment outside the Colombo harbor before discharging their cargoes.  ” The following couple of months will be the most irksome this country has anytime defied.” Obviously, this affects all aspects of life, not just the industrial and manufacturing sectors, but also daily life, children going to school, and every other aspect you can think of.  “People did not have a clear picture of how bad things were so far.” Reassurances from successive politicians did not help because people had a false sense of optimism that everything would be fine.  Read More... forex trading strategies #edgefore...
Read more