USDCAD Analysis
USDCAD reached the horizontal support area in the daily timeframe chart
After the confirmation of the Upward movement, USDCAD Buy signal was given.
USDCAD Analysis Update
USDCAD is consolidating and trying to break the horizontal support area, which leads to the SL price. However, USDCAD still have chances to rebound from the Support area.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
US New Home Sales (Jul)
US Fed Chair Powell Speaks
Why USD is Weaker
Election Uncertainty: During election times, people are unsure about the future of the country, which makes the U.S. Dollar less stable and weaker.
Other Countries Cutting Interest Rates: When the UK and Eurozone lower their interest rates, their money becomes more attractive, making the U.S. Dollar weaker in comparison.
Economic Worries: Concerns about the economy, like slow growth or possible problems ahead, make people less confident in the U.S. Dollar, causing it to weaken.
Lower Home Sales: When fewer new homes are sold in the U.S., it can be seen as a sign of a weakening economy. This makes the U.S. Dollar weaker because people lose confidence in the economy.
Please note In the forex market, technical works 80% of the time, and fundamental works 20% of the time. This time fundamental wins. It’s crucial to remain patient and wait for the next good opportunity signal.
We always want you to trade safe under all market conditions.
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