USD/CAD Forecast Dec. 21-25 – Will Canadian GDP Shake Up Canadian Dollar?

USD/CAD Technical Analysis

Technical lines from top to bottom:

  • We start with resistance at 1.3101, an important monthly line.
  • 1.2938 (mentioned last week) switched to resistance at the start of December, when USD/CAD started its slide.
  • 1.2856 is next.
  • 1.2768 is an immediate support line.
  • 1.2642 is next.
  • 1.2578 has held since February 2018.
  • 1.2385 is the final support level for now.

I remain bearish on USD/CAD

An agreement on US stimulus is inching towards the finish line and should be completed this week. The huge infusion of US dollars into the economy is expected to send the US dollar to lower levels.

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