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Market Mood USDCAD 27.05.20

Market Mood USDCAD 27.05.20

Market Mood USDCAD 27.05.20

in Daily Forecasts

Listen to the latest market mood for the USDCAD pair.

Weak USD, Strong CAD

The outlook for the USD remains weak. Positive risk sentiment is causing the USD to weaken. As a safe haven currency during the COVID-19 crisis, the USD is weakening on global vaccine hopes. Month-end rebalancing favours dollar sellers. However, there is a risk that further US-China tensions cause dollar strength.

The outlook for the CAD remains strong as oil prices have been supported on supply cut hopes and positive risk sentiment has been underpinning prices on vaccine hopes. Therefore, as long as US-China tensions don’t emerge we can expect USDCAD sellers today on retracements.

Technically USDCAD has broken a triple bottom on the daily chart. Any retracement to that broken support level at 1.3847 can be considered suitable for shorts today.

We expect this outlook to play out over the next 6-8 hours.

Trade Risks 

  • Any negative news for the COVID19 outbreak would result in USD strength and invalidate this outlook.
  • Any further negative US-China trade disputes news could invalidate this outlook and weaken the CAD and strength.

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Cookies Policy

Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

* Cryptocurrencies are not available for trading under HYCM (Europe) Limited and Henyep Capital Markets (UK) Limited (retail clients only).

*Any opinions made in this material are personal to the author and do not reflect the opinions of HYCM. This material is considered a marketing communication and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. HYCM does not take into account your personal investment objectives or financial situation. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of HYCM, a third party or otherwise.

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