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USDCAD Forecasts, January 06, 2020
USDCAD Forecasts, January 06, 2020
Posted

By - Jamel Lahiani

Posted - 06-01-2020
  • The USDCAD is ranging quite at short term.

Today our analysis will be concerned with:
USDCAD (US Dollar /Canadian Dollar) is a very popular currency pair and represent the exchange rate
of the two neighbor money, the U.S. and Canada.

FOREX Market Insights
The market is under tensions resulting from the attack on Iranien general Soleimani. In the other side,
the contraction in the US manufacturing sector is bigger-than-expected raised concerns of slowing
economic growth.

Today in Focus
Today, we have a high impact published indicator:

AT 15H00GMT: The Bank of Canada rate statement is the primary medium used by
the Bank of Canada (BoC) to communicate with investors about monetary policy decisions,
specifically those regarding interest rates.

GRAPHIC 1: USDCAD HOURLY CHART (JANUARY 06, 2020)
The USDCAD pair has a ranging quite between the two limits in blue color. It is recommended to sell
when the chart is near to the top limit and the StockRSI indicator is more than 80. If the chart is near
the bottom limit in blue color and the StockRSI is less than 80 a sell order will be expected profitable.

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