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USDCAD Overview: CAD remains under bearish pressure

Falling Oil prices keep CAD under bearish pressure.

Markets have tempered BoC hike expectations to a little more than two hikes by end-2019, a 13 month period that encompasses 4 MPR updates. That would be a slower pace of hikes than 2018 yet the BoC has openly mused it could if anything quicken the pace on the path to neutral.”

US Democrat demands for stronger enforcement mechanisms for labour and the environment can be assuaged and shouldn’t upend the USMCA deal either, though it casts doubt on the prospects for a signing ceremony at the end of this month.

We have entered a midterm long trade based on the fundamentals.

Loonie is trading above the bullish trendline and we keep our midterm bullish bias targeting 1.34700.

Fresh levels to add long :

Breakout of the short-term bearish trend line: Estimated breakout level 1.32200 or possible pullbacks 1.31800.

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USDCAD :  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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