The Canadian dollar is weakening against the greenback in a week of a bearish rally, as the US dollar gains strength in anticipation of the most volatile month around the corner, and weakening “Dovish FED” narrative. The technical picture is particularly interesting here, as it finished the week near the 200-day moving average: the long-term reference, which might become a trigger for more selling pressure for CAD against the USD.
Given the strong momentum of USDCAD, we can expect it to expand this week reaching the target of 1.4050, and potentially higher.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
Given the strong momentum of USDCAD, we can expect it to expand this week reaching the target of 1.4050, and potentially higher.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
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