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 surged on failing oil and risk-off sentiment

USD/CAD surged on failing oil and risk-off sentiment

Information is not investment advice

The Canadian dollar broke out through the 1.40 psychological mark. What’s the reason?

Market uncertainty

The loonie is quite sensitive to the market mood. Today’s news turned it down. Firstly, China refused to set the GDP target. Secondly, it decided to impose new Hong Kong security law, that raised more doubts and fears about the future recovery. And finally, the US-China relationship remains tense, as Donald Trump continues to blame China for the coronavirus spread. The Canadian dollar dipped under that pressure.

Oil drop

Based on all news above, oil prices plummeted, as well. No wonder that now investors prefer safe-haven assets such as USD and JPY rather than the commodity-linked Canadian dollar.  

It’s really interesting to observe next movements of CAD, as fears of the second wave may grow too strong and become well-founded. That can push USD/CAD higher. Also, today Canadian retail sales will be reported at 15.30 that will determine the future price for USD/CAD in the short-term. If the indicator is worse than expected, the Canadian dollar will fall.

Check the economic calendar

Technical outlook

The USD/CAD formed a symmetrical triangle chart pattern, that’s a signal of the upcoming breakout or breakdown. At the time, it’s unclear where the price is headed. It’s better to wait a little bit for some hints. If the price breaks through the retracement level at 1.41, bulls will win and USD/CAD will head up to the next level at 1.42. Support is at 1.385.

USDCADDaily.png

LOG IN

Similar

Popular

Choose your payment system

Learn more

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later