USDCAD broke higher during the course of trading yesterday and now they trade comfortably above the 1.2850 ,by the weakness in the oil prices and also by the strength in the dollar. The dollar has been strengthened by the smooth passage of the tax reform bill through the Senate so far and by the look of things, it looks as though the bill would get passed and this would be a boost for the dollar in the short and medium term. This is what the market is trying to price in fully at this moment and this has been helping the dollar to move higher during this period.As technically the pair trading on above strong support and tested monthly resistance, we can see a short term fall towards testing 1.2860/40 and then will see one more rally towards 1.2920/50.
Note: Today CAD have Employment Change, GDP and Unemployment Rate fundamental Data.
Note: Today CAD have Employment Change, GDP and Unemployment Rate fundamental Data.
