USD/CAD Long on Bullish Confirmation
Following analysis on Goldman Sachs, they believe that due to the contraction in the global economy due to the effects of trade wars between US and China.
There is a synopsis staing that the Bank of Canada will soon become dovish even though the economy is in good shape. the reason for this is because all global economies are taking a dovish approach to monetary policy so that means that Canada will soon follow.
In Bank of Canada's next meeting I believe that there will be talk of reducing interest rates in the long term which will weaken the CAD against the USD.
Furthermore, Goldman Sachs has a target of 1.360 long term. Which makes them quite bearish on the CAD against the USD
There is a synopsis staing that the Bank of Canada will soon become dovish even though the economy is in good shape. the reason for this is because all global economies are taking a dovish approach to monetary policy so that means that Canada will soon follow.
In Bank of Canada's next meeting I believe that there will be talk of reducing interest rates in the long term which will weaken the CAD against the USD.
Furthermore, Goldman Sachs has a target of 1.360 long term. Which makes them quite bearish on the CAD against the USD
Note
Furthermore, I may take some profits from the first resistance point at 1.33750 depending on the calibre of the move.
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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.
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.