USDCAD Potential Forecast | 1st March 2023

2023年3月1日

Fundamental Backdrop
CAD's GDP dropped from 0.1% previous to -0.1%. This indicates that inflation has decreased which can possibly cause the Bank of Canada to lower their interest rates. Overall I'm expecting USDCAD to continue bullish.

Technical Confluences
1. The overall bias for USDCAD on the H4 chart is bullish. To add confluence to our bias, price is above the Ichimoku cloud and along an ascending trend-line.
2. Expecting price to head towards the key resistance at 1.37000 level.

Idea
I will be looking for price to possibly retest the H1 support at 1.36200 intersecting with the ascending trend-line before continuing bullish towards the key resistance at 1.37000.






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