USD/CAD Forecast March 11-15 – Canadian Dollar Slides On Dovish BoC

With USD/CAD posting strong gains last week, we start at higher levels:

1.3757 has held in resistance since May 2017.

1.3660 was the high point for USD/CAD in December.

1.3547 capped USD/CAD in June 2017. Next, 1.3445 was the peak in early December.

1.3385 was the high point seen in May. 1.3350 was a stepping stone on the way and on the way down around the same time.

Lower, 1.3265 was the high point in mid-November. 1.3225 was tested in support in the middle of the week.

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.

I am bullish on USD/CAD

The slowdown in the Canadian economy is deeper than expected, as underscored by two straight declines in GDP. The BoC rate statement was understandably dovish, and investors will not be rushing to invest in an economy with questions marks. At the same time, further progress in the U.S-China trade war would raise risk appetite and likely boost the Canadian currency.

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