USDCAD may plunge even further into the oblivion.
“US dollar tumbles as focus redirected back to risky assets, Canada data in view.”
Greenback struggled against its major peers after US government downplayed the significance of missile strike that was launched towards one of Poland’s villages. Following the announcement, fear in the market recedes substantially, reducing the premium for holding greenback as safe-haven asset. On the other hand, investors are currently waiting for the release of CPI data from Canada to gauge Bank of Canada’s next move in terms of monetary policy.
Quick recap on USDCAD
The pair extended its losses, shifting overall structure towards the downside.
USDCAD Weekly Technical Analysis
From weekly perspective, the pair is currently testing near 1.3240 which may determine the next slump if it breaches such level.
USDCAD Daily Technical Analysis
From daily perspective, the pair is skewed towards the downside with MACD showing persistent bearish momentum.
ORDER: SELL STOP
STOP LOSS: 1.3280
Target 1: 1.3030
Target 2: 1.2890
ZFX Analyst’s Comment
Due to recent slump from the upper level, the pair is expected to plunge further downwards once nearest support level is breached.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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