The USDCAD currency pair may weaken because the possibility of the Fed cutting interest rates in September looks promising, while on the other hand, the BOC seems to be reaching its inflation target close to 2%.
Market participants view the BOC as quite capable of controlling inflation. However, both currencies are quite sensitive to crude oil prices.
The reason I see a risk of decline in the USDCAD pair is from the CAD side, which could potentially strengthen slightly because crude oil prices might rise, especially with the OPEC+ production cut announcement.
Since CAD has an 80% correlation with crude oil, they tend to move in the same direction.
If crude oil strengthens, the demand for CAD will also increase.
Sell USDCAD.
Sell Limit : 1.37100
Stoploss : 1.37600
Take Profit : 1.33100
Market participants view the BOC as quite capable of controlling inflation. However, both currencies are quite sensitive to crude oil prices.
The reason I see a risk of decline in the USDCAD pair is from the CAD side, which could potentially strengthen slightly because crude oil prices might rise, especially with the OPEC+ production cut announcement.
Since CAD has an 80% correlation with crude oil, they tend to move in the same direction.
If crude oil strengthens, the demand for CAD will also increase.
Sell USDCAD.
Sell Limit : 1.37100
Stoploss : 1.37600
Take Profit : 1.33100
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