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Date: October 31, 2020, 11:21:04 AM


Market Analysis: USDCAD: Business : - Nigeria's Premier Online Forum


Market Analysis: USDCAD

By: alagbe003 (M) |Time : June 28, 2018, 09:44:29 AM
The pair surged higher in yesterday’s session as sentiment hovering around the outage of an oil sand facility in Canada last week leading to a shortage in North America for all of July weighed on Canada's main source of Revenue. The Loonie has been under pressure recently as Canadian consumer inflation and spending data has been softer than expected. Retail Sales was dismal, with a sharp drop of 1.2 percent. Despite these soft numbers, the Bank of Canada’ Governor Poloz remains confident about the economy citing the possibility of a July 11. Economic data released from the US was mixed but the Greenback was still strengthened against the Loonie has the decision of President Trump not to spare Canada from Tariffs dominated sentiment. Canada will be negatively affected by the decision of Trump as about 80% of the country’ export head to the US.

Today, the instrument opened above the pivot and has been struggling with a support on the hourly chart ahead of the release of Final GDP and Unemployment Claims from the US by 1:30 pm.
The economy of the US has been on a bullish trend with all major economic indicators in Green. The only factor keeping the Greenback low occasionally is the Global trade war (Economist are of the opinion that no nation can survive on its own without some interdependence). The Greenback is still expected to further gain ground against the Loonie hence a bullish move (buy) is expected on the instrument.

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