USD/CAD Forecast April 22-26 – Canadian Dollar Dips Despite Strong Consumer Data

1.3350 has remained relevant throughout the month of April.

Lower, 1.3265 was the high point in mid-November. 1.3225 has held in support since early March.

1.3175 was a swing low in late November.

1.3125 was a low point earlier that month.

1.3048 has provided support since early November.

1.2970 is just below the round level of 1.3000. This line was a trough in late October.

1.2915 has held in support since mid-October. It is the final line for now.

The Canadian dollar hasn’t been largely trading sideways. Oil prices have been moving higher, which has bolstered the loonie, as Canada is a major oil producer. However, this has been largely offset by concerns that the Bank of Canada could cut interest rates at next week’s policy meeting. Canadian economic data has been lukewarm, as the tariff war between the U.S. and China has hurt the Canadian export sector.

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