We have outlooked several promising Forex pairs and the result can surprise you!
USD/CAD is capable of more
Information is not investment advice
USD/CAD made big moves during the Bank of Canada’s meeting yesterday. Still, the rally may not be over yet. Canadian central bank has given the market a lot of negative fuel, so the CAD may keep losing versus the USD. This means upside for USD/CAD.
The pair has formed a bottom in the 1.2950 area earlier this month (2019 support line). This week it has made a big advance above the 200-week MA and is currently testing the 100-week line in the 1.3160 area. Another resistance is at 1.3185 (61.8% Fibonacci retracement of the November-January decline). In the short term, corrections are possible, but the declines should meet support at 1.3140 and 1.3095 offering buy opportunities at these levels. Upside targets lie in the 1.3245 and 1.3300 areas.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?