Chapter 9 USDCAD on the way to coved19 lookdown 19th march 2020
USDCAD on the way to coved19
lookdown 19th march 2020
USDCAD
Fundamental analysis
The dollar is hovering near 20-year highs ahead of the US CPI data, to which the Federal Reserve may respond with a fourth consecutive rate hike.
"The Fed is not going to stop," said James Ashley, head of international market strategy at Goldman Sachs (NYSE:GS) in an interview on Bloomberg TV. He added, "If they're going to make a mistake, they'd rather go too far besides being too tough."
On the other hand the Canadian dollar showing weakness cause of he unstable movement of the oil price
Technical analysis
On daily chart we can see USD getting stronger on the chart is heading to the 1st supply at 1.404841 With expectation of interest r ate increase at least 4 more times this year and next year
So the expectation the price will reach to the second Supply at 1.426097 end of this year And with next year the price for reach to the highest on COVID19 days 19th March 2020 at 1.468260
