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Sat, Jun 22, 2024

After 4 years, Today USDCAD hits the 2017 Support level
2 mins well spent

USDCAD Historical Analysis

USDCAD fall straight from the March 2020 resistance level to the Support without many retracements.

After 4 years, Today USDCAD hits the 2017 support level exactly.

In March 2020, USDCAD hits the top 2016 resistance level due to worldwide lockdown in COVID-19, We recommend our users to sell at the top on you can check our march 2020 analysis here: USDCAD Double Top Analysis

Now, we can expect some bounce back from this support level. wait for the confirmation of reversal.

Canadian Dollar strengthens more after 5-weeks straight declines from US Dollar.

USDCAD fell about 6% in 5 weeks, declines came after Bank of Canada approaches for Tapering assets purchases as the Canadian economy performed well.

Bank of Canada

And USDCAD’s critical support zone came at 1.19100-1.2070, if the market breaks this Support level, then you can see a huge downtrend in USDCAD.

However, After 4 years, Today exactly USDCAD hits the 2017 Support level 😇 We can expect some correction from this support zone.

The Canadian economy performed well in the pandemic crisis and Vaccination smooth progress made support for the Bank of Canada to take a stronger decision on the economy.

US Dollar Gaining

US Dollar remains higher after ahead of US CPI data to publish this week.

consumer price index CPI us economy

And FED patient for any time from Crisis and whatever Economy done good progress made no changes in Asset purchases.

These Dovish interest rates and easing asset purchasing makes stronger for Commodity currencies like CAD, AUD and NZD.

US Population gets 70% of Vaccinated and gets ready for second doses for those who had finished the first doses.

USA coronavirus covid 19 vaccine distributed

Reopening of major regions made stronger US Economy seen at the end of 2021. Forecast of GDP made higher than Previous forecasted by WTO.

And the Domestic data of last month performed more than expected, and this month may not see repeated numbers; we expected some declines compared to the previous month data.

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