USDCAD Week of July 8 2019 - Possible downtrend
On the daily chart we're seeing a clear downtrend and a current consolidation around the 1.3077 zone. For the week of July 8, I'm expecting a downward trend until support level of 1.29000 until we see any pullback to 1.3077 zone. Looking at ForexFactory news, we're going to see USDCAD impacting news on July 10th (Wednesday) that might impact the Canadian dollar. Which will probably push the USD dollar further down throughout the week.
If the downtrend doesn't actualize, then we'll probably witness a continuous consolidation around the current zone before any major news breaks out. Let's see what'll happen.
If the downtrend doesn't actualize, then we'll probably witness a continuous consolidation around the current zone before any major news breaks out. Let's see what'll happen.
Note
Not to mention the major wick that was caused by last Friday (July 5th) NFP results. More reason to say that we'll most likely have a downwards push this coming week.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.