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Canadian Dollar Price Forecast: USD/CAD Holds Support as USD Drives

Canadian Dollar Price Forecast: USD/CAD Holds Support as USD Drives

James Stanley, Senior Strategist

Canadian Dollar, CAD, USD/CAD Price Forecast:

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It’s been a busy day across the US Dollar as comments from FOMC Chair Jerome Powell have sent both bonds and equities for a ride. Currencies, however, have been relatively calm by comparison. The US Dollar has pushed up for a test of the February high, however, and this highlights a big data point for tomorrow with the release of Non-farm Payrolls figures.

USD/CAD, however, has not set a fresh high nor are buyers pushing up for tests of significant resistance. There have been some bullish items, such as a hold of a key support level around 1.2622, or the longer-term falling wedge formation that remains in-place. Falling wedges will often be approached with the aim of bullish reversals; and in this case, that would be looking at a reversal of the trend that’s been building for almost a year now.

To learn more about falling wedge formations, join us in DailyFX Education

USD/CAD Daily Price Chart

USDCAD Daily Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

USD/CAD Shorter-Term

While the longer-term falling wedge could keep bullish themes as an attractive option, a disconcerting item that must be encountered by USD/CAD bulls is the fact that the US Dollar is setting a fresh high but USD/CAD is not. This is owed to CAD-strength, helped in part by strong Oil prices, and this had driven the pair down for a test of the 1.2500 psychological level just last week. This led into a strong bounce but that bullish push couldn’t continue as sellers merely pushed price action back to the Fibonacci level at 1.2622.

To learn more about psychological levels or Fibonacci retracements, join us in DailyFX Education

This could set up USD/CAD as an attractive option in the event of USD-weakness, allowing for the incorporation of what’s been a strong Canadian Dollar to go along with a weakening US Dollar. For USD-strength strategies, there may simply be more attractive venues elsewhere at the moment given the strength that’s recently been seen in Oil with has played a role in USD/CAD.

USD/CAD Monthly Price Chart

USDCAD Monthly Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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