USDCAD Intraday Outlook
Updated
USDCAD is currently holding at a strong support level. With the US dollar being a safe haven with a high demand in view of a potential wave 2 pandemic while aligning with investors sentiments and Canadian dollar showing signs of exhaustion and slowing down due to weak oil data. Therefore, we're expecting US dollar strength and Loonie weakness. A good trading opportunity would be the potential upward movement to the nearest Resistance 1 as shown in the chart. Trade active
Trade closed: target reached
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