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USDCAD May Have Found Bottom

10/21/2021

UC has been stuck in a downtrend for over a month now as the loonie continues to gain more demand over the USD. Good economic numbers on both sides is making it difficult for USD to prevail over CAD although Canada's economy is benefitting from the high demand in oil prices in which the USD is not.

Our outlook

The downtrend looks too strong for a turnaround in momentum, but that is not to say that we might still see a bounce on a significant level of support that the pair is currently on. Looking at technicals, the pair has potential although inflationary fears still runs through the US economy. So, short term, I think the pair has potential to move to the upside, but it will be difficult for the pair to further this momentum with the current situation in the US.

Trade Setups

USDCAD

UC touching support around 1.23000 with the latest candle rejecting the lows with a long wick on the downside. If price can bounce from here, it may test resistance around 1.24200 which is now a strong level after the support zone was broken some days ago. A potential double bottom on this chart would be bullish, however, a break under this support could mean a move to 1.22486.

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