Overview
USDCAD is at a key technical resistance level. Price may break higher or start ranging.
The Details
USDCAD is potentially ranging between the 1.30 and 1.40 price handles. Price is currently testing the range resistance area.
Fundamental analysis suggests a potential move higher. This week's news may determine if the resistance holds, though.
Things to Consider
USDCAD is at a key technical resistance level. Price may break higher or start ranging.
The Details
USDCAD is potentially ranging between the 1.30 and 1.40 price handles. Price is currently testing the range resistance area.
Fundamental analysis suggests a potential move higher. This week's news may determine if the resistance holds, though.
Things to Consider
- The Federal Reserve is not expected to raise rates this week, but they could. An unexpected rate hike by the Fed may push the price above the range resistance.
- It is also NFP and Canadian unemployment on Friday. These events may determine if the technical resistance holds or not.
- USDCAD may have a technical bearish move away from the range resistance and attempt to move higher in the coming days or weeks.
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