Video USD / CAD 31. 05. 21.
THE USD/CAD is looking to stabilize lately below 1. 2065, while the US dollar is losing the opposite floor to a giant basket of currencies.
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The US dollar index has checked to be below the 90 point and is heading towards the next at 89. 75. If the US dollar index falls below this point, it will head towards 89. 50, which will be bearish for USD/CAD.
There are no primary economic reports expected to be published in the U. S. U. S. Today, as the U. S. marketsThey are closed in accordance with Memorial Day.
Meanwhile, currency investors had a chance to take a look at the value data from the latest Canadian manufacturers. Producer values rose 1. 6% month-on-month in April with analysts’ forecasts of 1. 7% expansion. Based on this, manufacturers’ values increased by up to 14. 3%.
It should be noted that markets do not appear to be involved with inflation at this time, however, the scenario may replace if inflation reports from evolved countries imply that costs are emerging faster than expected.
USD to CAD is testing the help point lately at 1. 2065. This point of help has already been tested several times in recent trading sessions and has proven its strength.
If the USD CAD manages to get below 1. 2065, it will move to the next point which is at 1. 2040. A successful check of 1. 2040 will pave the way to verify the next point at 1. 2000.
On the upside, the closest resistance point between USD and CAD is at 1. 2080. Si USD in CAD exceeds this point, it will move towards the next resistance at 1. 2100. A move above this point will push USD in CAD towards EMA 20 at 1. 2120 If USD at CAD is set above 20 EMA , will succeed in controlling resistance at 1. 2130.
For a review of all today’s economic events, check out our economic calendar.