USD/CAD Technical Forecast – March 07, 2017
USD/CAD has been consolidating its gains over the last 24 hours, something that it has been doing over the last couple of days in fact. The bulls are fairly in control of the pair for now and they have been able to maintain their hold over this pair over the past few days as well and we believe that this is set to continue for the coming days as well and if this continues, we should finally be able to see the pair make a move towards 1.3500 and then we will be watching the price action there very closely to see whether it can break through that region cleanly so that it can make its move towards the target around 1.4000 which we have been specifying as our mid term target for the past few months.
USD/CAD Consolidates with Bullish Bias
There was not much news around in either the US or the Canadian regions over the past 24 hours and as a result of that, with nothing specific to drive the moves, we saw most of the currency pairs yesterday trading within a tight range and unable to make a move in any specific direction and this was the case wit USD/CAD as well.
Looking ahead to the rest of the day, we have the trade balance data from Canada and the US and we could see a continuation of the incoming data from Canada which has been positive over the last few weeks and this could bring in a bit of a correction in the USD/CAD pair though overall, we expect the pair to consolidate and range. Any weakness in the pair can be used as a means to go long.