Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
USD/CAD: edging lower for the fourth day straight

USD/CAD: edging lower for the fourth day straight

Information is not investment advice

The pair fell down on the weak US dollar and the positive Canadian data. What is the forecast?

What happened?

Yesterday the consumer price index came out better than expected. It rose by 0.8%, while the forecast was only 0.4%. USD/CAD slumped after the report to the 5-week low at 1.3400. At the same time, the weak US dollar added to the pair falling. In fact, the US dollar was waning on the risk-on sentiment, and it got an extra headwind from fears that democrats and republicans wouldn’t be able to agree on the fiscal stimulus package in a short time. In addition, the US existing home sales turned out worse than analysts expected. They rose by 4.72 million the last month, while the forecast was 4.77 million. Also, today the USA published jobless claims. Analysts expected that the numbers will stay at the same level as the previous time – 1.3 million. However, unemployment claims rose by 1.4 million and weighed on the US dollar.

Technical tips

The pair had been trading in a horizontal range between 1.3685 and 1.3500 during almost two weeks already. And, finally, USD/CAD escaped it, breaking down the 200-day moving average. As a rule, the price should fall by the same height as the range itself. The pair has already crossed the 1.3425 level and continues moving down. If the pair crosses the low of June 8 at 1.3380, it will plummet to the next support at 1.3320.

USDCADDaily.png

LOG IN

Similar

Gold: as high as old

Where are we going with gold? Let's make a step back - or, rather, travel back in time to throw a strategic look at the gold price.

USD: end of supremacy

Is the USD going to lose its badge of a primary safe-haven currency? In the coming months, very possibly.

Popular

COVID VACCINE KEEPS TRADERS OPTIMISTIC

Futures tracking the S&P 500 index hit a record high on Tuesday as investors shrugged off simmering US-China tensions to bet on a stimulus-led economic recovery from the COVID-19 pandemic.

Exuberance and Optimism Keep Going

Russian health ministry has approved coronavirus vaccine developed by Moscow's Gamaleya Institute. He hopes Russia will start mass production of coronavirus vaccine very soon.

Choose your payment system

Learn more