USDCAD Technical Outlook for Week of Aug 2-8

⭐️Key Takeaways⭐️

✔️ This week we have jobs data from both Canada and the US.
✔️ GDP figures last Friday came in at 4.5% for Canada. Much better than the previous report around -11%
✔️ Strong support around the 1.33 handle
✔️ USD has performed under pressure for 6 consecutive weeks

⭐️Technical Analysis⭐️

This pair tends to trade roughly within 100 pip move ranges on a daily basis. Currently trading below the 200SMA on the daily timeframe. Upside long targets should be limited to 1.35 where we might see some resistance with that 200MA. All eyes will be on this Friday's jobs data.

In terms of risk to reward, both upside and downside targets are relatively limited as we're trading around the 50% level of the current range.


Regards,
Michael Harding

RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.