USD/CAD Forecast Today 08/01: Resilient Against CAD (Video)

(MENAFN- Daily Forex)

• You can see that during the early hours on Tuesday, we did continue some negativity in the US dollar against the Canadian dollar, but we have turned around quite a bit and are showing signs of resiliency.
• This should not be a huge prize considering that the market has been in a strong uptrend, and it seems like there's nothing but chaos in Ottawa.
• The Americans have a Donald Trump presidency coming, which will be very pro-business. The Canadians have parliament on hold until sometime in March, while the liberal party tries to get it together, only to lose to the conservatives in the prime minister role and probably across parliament. Canada will be a place that you want to invest in sooner or later.

But right now, it still looks very much up in the air. And as long as that's going to be the case, the Canadian dollar is going to be a little bit soft. Oil rising doesn't seem to be helping much does make sense in this USD/CAD pair at least due to the fact that the Americans produce more than enough of their own oil at this point. But demand rising probably makes the Canadian dollar a little bit more attractive against other currencies such as the Japanese yen, for example.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money 1.45 Will Continue to Matter

The 1.45 level above is still a significant psychological barrier that I think will be difficult to get above and truly break through, but that's what we're aiming for. Underneath we have the 1.42 level offering support, so that comes into the picture as well. Keep in mind that Friday has employment numbers coming out of both USA and Canada, so this could be a very volatile pair at the end of the week. Right now, though, it looks like it is trying to continue. It's somewhat of a positive momentum over the last two weeks or so as we face this major ceiling.

EURUSD Chart by TradingView

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