USDCAD Weekly Forecast 04 - 08 May 2020
USDCAD fell back to the bottom of it's consolidation range this week due to Dollar weakness.
However, price found support at previous demand zone and shot right up. Price rose 200 pips even with DXY falling through the week, showing severe cad weakness.
Central bank have become more dovish and have mentioned negative rates, sending the CAD spiraling down.
This week, price may get resisted again due to how weak the dollar is currently. Look for long opportunities when price retraces.
Should price break above the falling wedge, similarly, retracement back to previous resistance would provide long opportunities.
However, price found support at previous demand zone and shot right up. Price rose 200 pips even with DXY falling through the week, showing severe cad weakness.
Central bank have become more dovish and have mentioned negative rates, sending the CAD spiraling down.
This week, price may get resisted again due to how weak the dollar is currently. Look for long opportunities when price retraces.
Should price break above the falling wedge, similarly, retracement back to previous resistance would provide long opportunities.
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