USDCAD Forecast Bearish After Canadian GDP Data

The USDCAD technical analysis of the price chart on 1-hour timeframe shows USDCAD, H1 is retracing lower below the 200-period moving average MA(200) which has started falling. We believe the bearish movement will continue after the price breaches below the fractal low at 1.2601. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.2670. After placing the order, the stop loss is to be moved to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Canada’s economy resumed growth in June. Will the USDCAD continue retreating (FXC, UDN)?

Canada’s economy resumed growth in June: Canada’s statistics department Statistics Canada reported the Canadian GDP continued resumed growth at 0.7% over month rate in June, in line with expectations, after 0.5% decline in May. This is bearish for USDCAD.

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