FX forecast / USD/CAD / Our expectations
Long-term consolidation, the price failed to find direction since 07.2017. Middle-term upward movement. The price broke above the main diagonal resistance of the consolidation and above FiBo 50.0, which indicates that the movement is turning into ascending. Technical indicator: CCI(50) - Above base level 100 and does not reversing - the positive moods are still on power. The price is above SMA 200/50 - positive signal. In order to minimize the risk, we can look for better positioning around price 1.2930.
Fundamental analysis - Negative for CAD - Canadian dollar remains under pressure after the possibility for enforcing tariffs on import of steel and aluminum in USA. Since Canada is one of the biggest importers in USD, these tariffs will impact the economy of the country greatly.
Trader Bozhidar Arabadzhiev
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