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USD/CAD testing levels 1.32300

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Due to global concerns and the spread of coronavirus and a possible lockdown again by many countries, Falling oil prices are giving momentum to the US dollar against the Canadian dollar. The US Dollar needs a bigger barrier as It has been stuck at 93.00 and fails to break above that level
The financial package to boost the economy from recovering from coronavirus has not passed Congress. The number of new cases is high, the market feels vulnerable, and weak US30 and US500 are slowly moving on the defensive, and Bearish traders are taking the initiative.
The dollar is stronger as a safe investment. On the other hand, the moderate rise in crude oil prices rose by almost 1% today and helped the commodity-related currency – CAD. It is another factor contributing to the offered tone surrounding the USD/CAD pair.However, investors remain concerned about the potential economic impact of renewed locking measures to combat the second wave of coronavirus infections. Together with the lack of progress in the US incentive negotiations, this should provide some support for the secure dollar.
Tomorrow, the Reserve Bank of Canada expects to make a statement on the interest rate, which will remain at the same level of 0.25% in the most probable cause. Traders should pay attention to comments that may contain promises of additional concessions to support the economy.
The Bank of Canada (BOC) probably won’t make any policy changes thanks to improved business confidence, retail activity, inflation, and unemployment since last month. The BOC will also publish a report on monetary policy, which contains projections of growth and inflation and what members consider to be risk factors in the economy in the foreseeable future.
On October 30, we will hear about the Canadian Gross Domestic Product (GDP) measures. Traders need to pay attention to quarterly reports on GDP, major economies like the US and the eurozone to find indications of the pace of global economic recovery and oil demand.
Updates related to the pandemic (number of cases, locks, incentives, vaccines) will continue to affect the overall risk-taking and demand for the Canadian dollar.

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