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USD/CAD Outlook (24 August 2020)

Gunther
· Views 1,701

#USD/CAD# USD/CAD Outlook (24 August 2020)

Overall, USD/CAD is trending downwards.

The Canadian retail sales m/m data released last Friday indicated an increase in consumer spending in June with the reopening of economies in Canada.

  • Core Retail Sales m/m (Actual: 15.7%, Forecast: 14.5%, Previous: 11.8% revised from 10.6%)
  • Retail Sales m/m (Actual: 23.7%, Forecast: 24.7%, Previous: 21.2% revised from 18.7%)

USD/CAD support zoneresistance zone
USD/CAD support zone

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Hot

jeobb2002
gudd
Ranefxx
On the upside, considering bullish convergence condition, firm break of 1.3271 should confirm short term bottoming
Vanttrading
On the downside, break of 1.3133 will resume larger fall from 1.4667 to long term fibonacci level at 1.3056.
JamesCap
USD/CAD is staying in consolidation above 1.3133 and intraday bias remains neutral at this point. As long as 1.3271 resistance holds, further decline remains in favor.
ForexN
😷

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