USD / CAD Analysis

USD / CAD Analysis

USD / CAD went up to 1.3350 on Thursday and tried to join other major parities selling US dollars. However, support and loonie closed the week at 1.3416, slightly above the pre-pandemic level. In a statement by FXStreet analyst Joseph Trevisani, the rise in the US coronavirus cases and concern for the Canadian economy are preventing the CAD from following the dollar's rise against other major parities. “The Canadian economy and dollar have two main concerns that prevent their full rise with other big couples. First, if its position as the largest trading partner of the US forces the US to close again due to the epidemic, America becomes susceptible to economic weakness. Second, resource-dependent GDP needs a global recovery in the context of wealth, which is a very uncertain prospect even in the huge expenditures of world central banks and governments. " "Loonie's restrictions should not prevent her from recovering against the dollar next week, but it seems to be moving less than her overseas competitors against her North American colleague." “The moving averages were unusually reinforced at 200 with the lowest resistance line at 1.3516 and mixed at 1.3516. At the level of 1.3551 for 21 days and in the middle of the range of June 12 - July 20.