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The USD/CAD pair has been strengthening for the third consecutive week and is currently approaching the upper boundary of the three-month range of 1.3850-1.3600. The strength of the pair's buyers is quite significant, which could lead to a consolidation above 1.3850 and a continued rise towards the psychological level of 1.4000. However, the news background for the upcoming trading sessions is so saturated that it could lead to either a strengthening of the current trends or the formation of reversal patterns:
- today at 16:45 (GMT+3) the release of the US Services PMI for July;
- today at 16:45 (GMT+3) the Bank of Canada’s interest rate decision;
- today at 17:00 (GMT+3) the Bank of Canada’s press conference;
- today at 17:00 (GMT+3) the release of US New Home Sales data for June.
Experts surveyed by Reuters suggest that the Canadian regulator will not only cut the rate by 0.25% at today’s meeting but may also announce two more rounds of rate cuts by the end of the current year.
Technical analysis of the USD/CAD pair indicates the possibility of further growth, as the “hammer” pattern formed on 11th July remains relevant on the daily timeframe. In the event of a rebound from 1.3850, a corrective decline to 1.3760-1.3730 is possible.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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