USDCAD Forecast, August 30

The USDCAD pair maintained its positive tone over the 1.3300 handle in early European trading, although stayed well inside a 3-day-old range.

After the last session’s modest pullback, a mix of supporting factors helped the pair recaptured some bullish traction on Friday and move back nearer to weekly highs. The USD stayed bolstered by the most recent trade optimism and Thursday’s generally in line US GDP print.

Still, it stays to be checked whether bulls can benefit on the move or the pair proceeds with its battle to make it through the 1.3345 supply zone as the market focus currently moves to Friday’s key release of the monthly Canadian GDP growth figures.

Later in the North-American session, the release of personal spending data and July core PCE Price index are due, which might further contribute towards creating some significant short-term trading opportunities.

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.