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The USD/CAD is testing at 1.3050 as the US dollar continues to lose floor to a giant coin basket.
The US dollar index attempted to stabilize below 92 once it was able to move below the support closer to 92.10.If this attempt succeeds, the US dollar index will gain a more bearish boost that will be bearish for the USD/CAD.
WTI oil is combined today, so the Canadian dollar gets no more support, but investors deserve to monitor whether oil will be able to exceed the nearest resistance point by $43.50, as such a bearish move will be bearish for the USD/CAD.
Canada recently released a building permit report for July indicating that building permits were down 3% from the analyst consensus of 5.5%.
At the same time, the manufacturer rose by 0.7% month by month, completely in line with the consensus of analysts.
The trading dynamics of the USD/CAD in the first part of this week will depend on whether the US dollar index manages to continue its problematic move.At this time of the week, they will be moved to vital employment reports to be published in the US.But it’s not the first time And Canada.
Friday is expected to be a busy day as the United States will supply reports on the non-farm payroll and unemployment rate, whilst Canada will release knowledge on employment advancements and the unemployment rate for August.Array
The USD to CAD is lately looking to stabilize below the nearest point at 1,3050.The RSI is not in incredibly oversold territory, so there is more room to expand a bearish dynamic.
If the USD CAD is set below 1,3050, it will move to the next point close to 1,3000.A movement below 1,3000 will pave the way for the next point at 1,2960.
On the plus side, the USD unlike the DAC will likely face a resistance of around 1,3080.If the USD CAD moves above this point, it will move to the primary resistance point at 1.3135.
For a review of all of today’s economic events, check out our economic calendar.
This article was originally published on FX Empire
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