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Currently, there is little to take advantage of without being exposed to swings.
The case for the downside is diluted by the monthly support while the upside opportunities would be best placed once there has been an actual test of the monthly support. The right-hand shoulder (RHS) of the head and shoulders is also an M-formation. The neckline can be targeted.
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The USD/CAD pair extends its downside consolidative mode near two-week lows below 1.3200, mainly weighed down by the persistent downbeat mood around the US dollar when compared to its major rivals.
The recent downtrend in the greenback is mainly tied to the market optimism on the US fiscal stimulus hopes, as the Republican and Democratic policymakers agree on a final push to reach a comprehensive aid package after President Donald Trump abruptly abandoned talks earlier this week.
Loonie continues to find support from the recent surge in oil prices, courtesy of the Norwegian oil output disruption and risk-on market profile.
Also, markets remain hopeful of a sub-10% unemployment rate, as Canada is set to add 156.6K jobs in September. A beat on the Canadian jobs data could offer extra legs to the downside in the spot.
Contact our advisors through website chat
Contact our advisors through website chat
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Contact our advisors through website chat
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