Daily Technical Outlook – USDCAD, July 31

The USDCAD pair traded with a mellow negative bias in early European trading on Wednesday and fell to weekly lows, around the 1.3145 area in the last hour.

The proceeded with its battle to expand on the recent recuperation move and indeed failed in front of the 1.3200 handle on Tuesday in the midst of a goodish pickup in Crude Oil prices, which will, in general, underpin demand for the Loonie.

Still, the downside looked limited, for the time being, as traders eagerly expect the result of the FOMC meeting, scheduled to be announced later on today during the US trading session.

Today’s economic docket: the releases of the ADP report on the US private sector employment and monthly Canadian GDP growth figures.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.