Forex: USD/CAD poised to finish week unchanged around 0.98
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USD/CAD
FXstreet.com (San Francisco) - USDCAD traded in a narrow 40-pip range this Friday and last trades at the 0.9800 mark ahead of the weekly close, now poised to end practically unchanged from the close a week ago.
On sentiment, "The broader bias in USDCAD remains negative but there are signs of a potential USD rebound building up even in the context of the current bear trend," says TD Securities.
On the fundamental front, next week's highlight is Monday's speech by Bank of Canada Governor Carney, and then September's CPI reading is on offer Friday.
If the mentioned negative bias prevails in the week ahead, a test of bids at 0.9735 (Oct 5 low) lies in store, then there may be scope to test support at 0.9630 (Sep 14 low). The upside offers resistance at 0.9870 (55-day EMA) and 0.9940 (38.2%, 1.0444/0.9630 decline).
On sentiment, "The broader bias in USDCAD remains negative but there are signs of a potential USD rebound building up even in the context of the current bear trend," says TD Securities.
On the fundamental front, next week's highlight is Monday's speech by Bank of Canada Governor Carney, and then September's CPI reading is on offer Friday.
If the mentioned negative bias prevails in the week ahead, a test of bids at 0.9735 (Oct 5 low) lies in store, then there may be scope to test support at 0.9630 (Sep 14 low). The upside offers resistance at 0.9870 (55-day EMA) and 0.9940 (38.2%, 1.0444/0.9630 decline).
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