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Squawk: Further US Dollar gains sets up USDCAD for a bullish…

Squawk / 06 March 2019 at 6:38 GMT

Further US Dollar gains sets up USDCAD for a bullish shift

The recent “risk off” move this week as we discussed in yesterday’s report here has seen the US Dollar rally against most major currencies with a flight to quality move in Forex markets, with the US currency seen as a safe haven,
On a separate but connected basis, the Canadian Dollar has weakened recently with the oil price displaying a more negative tone (partly due to the “risk off” scenario).
For the USDCAD FX rate, this combination of a stronger US Dollar and weaker Canadian Dollar has pushed USDCAD higher, with the currency pair now poised at a key resistance level (see below).

See the full article here: https://www.fxexplained.co.uk/forex-articles/current-market-analysis/further-us-dollar-gains-sets-up-usdcad-for-a-bullish-shift/

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