Fundamental Outlook is strong on behalf of the CAD
-USD have another rate hike to consider while coming off the back off weak Retails and shaky earnings reports.
Technical Outlook
-USDCAD broke through support level 1.2955 and tested the 1.2916 area before pulling back up.
-As long as the retest of that broken support area of 1.2955 stands it grounds as strong resistance then the USDCAD should be bearish down toward 1.2884
-Price is also bearish from the weekly and daily upper trend line to the down side.
-Area to be aware of is the 200 EMA underneath price on the daily chart.
Catalysist to support the short sell
-Canada plans on legalizing marijuana tomorrow 10/17/2018
-USD have another rate hike to consider while coming off the back off weak Retails and shaky earnings reports.
Technical Outlook
-USDCAD broke through support level 1.2955 and tested the 1.2916 area before pulling back up.
-As long as the retest of that broken support area of 1.2955 stands it grounds as strong resistance then the USDCAD should be bearish down toward 1.2884
-Price is also bearish from the weekly and daily upper trend line to the down side.
-Area to be aware of is the 200 EMA underneath price on the daily chart.
Catalysist to support the short sell
-Canada plans on legalizing marijuana tomorrow 10/17/2018