News & Analysis
Eightcap Forex technical insights; USDCAD under pressure data to come.
Looking at the USDCAD daily, sellers have been building pressure since the 29th of May. Selling has accelerated tonight after a false high was set-up last night. This has also confirmed a new lower high. Trendwise we can still see three lines that have yet to be broken or tested. Looking at three zones, (the main zone has been tested tonight) we may see buyer support develop form the last two areas.
Tonight’s Canadian trade balance has beaten market expectations coming at -1.9B, beating -3.4B expectations. Tonight’s US crude stockpiles is another ace in the pack that could support or pressure the CAD. Higher Oil prices are normally good for the CAD as it supports exports.
Good trading from Eightcap
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