Over the course of the past week, the price has been able to recover above the 1.2600 price mark and stays within reach for the April high. Also, the low from September at 1.2493 was undercut. Last candlesticks showing the attempt to break above 2019 low resistance, were rejected and slipped through possible support around the April high. The the recent development was marked by an impressive recovery from support at the price mark of the low from 2017. In the daily chart we see USD/CAD Forex pair trading in an established downtrend. USD/CAD Forecast: Daily chart can regain the 1.2600 The charts used are from TradingView and the prices are from FXCM. The basis of our analysis is the Price Action and Technical Chart Analysis.

We also look at the long term charts for USD/CAD, which are the yearly, quarterly or monthly chart. We would like to give an assessment of the future price development of USD/CAD. In this article we make a US-Dollar / Canadian Dollar price forecast and long-term prediction. At the moment, USD to CAD is at 1.246 ( CAD to USD is at 0.802).The US Dollar to Canadian Dollar (USD/CAD) exchange rate is a Forex major pair and one of the world’s most traded currency pairings.

We continue to think that in the near-term the risks to the loonie are to the downside. It is no wonder then that the Canadian dollar has broken out of its recent ranges on the downside and is now also nearing a one-month low. Those gains have been neutralized to date against the Canadian dollar by high oil prices, but WTI has now drifted to a couple of dollars away from one-month lows removing a major source of support for the currency. In the currency exchange markets, US dollar indices (measuring USD against a basket of currencies) remain within striking distance of one-year highs, indicating broad US dollar gains in the last couple of months.

The Bank of Canada was an outlier in meeting the market’s expectations by moving forward the expected date of rate hikes. The Band of England, the European Central Bank, the US Federal Reserve and the Reserve Bank of Australia have all pushed back on expectations for early rate hikes. On the monetary policy front, the last two weeks have shown that most major central banks remain more dovish on rate hikes than the markets had expected. Overall, the economic picture remains the same we have had a strong recovery but the the last bit remains uncertain. It is hard to make much of the exact number of jobs created in either country given the unevenness in Covid-related issues impacting different regions. Canada had already returned to pre-pandemic level in total number of jobs in September and has now added 31k new jobs in October (versus an expected 50k). October job creation in Canada was below expectations while US job creation was somewhat above expected levels.

Usd to cad