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Thursday, 27 August 17:21 (GMT -05:00)



Foreign exchange market

USDCAD: Market Outlook


 

 

According to Craig Alexander, Senior Vice President & Chief Economist for TD Bank, the Canadian economy is on the verge of a crisis. The major reason is the fact that consumer debts have reached the critical level, thus exerting severe pressure on the country’s economy. According to the expert, the only way out is to introduce tougher mortgage lending regulations.

 

 

 

 

 

 
Forex.
 
According to Masterforex-V Academy experts, USDCAD has broken above the top of the MF zone, however, the major level of resistance 1.0054 remains unbroken. The currency pair is currently forming an upswing – sub-wave а(С)/С of wave level Н8. This upswing still doesn’t fit into the retracement scenario against the bearish wave А/В of wave level Weekly. So it is too early to consider a trend reversal. In order to continue the rally, the currency pair will have to break and consolidate above 1,0054 1,0074. Alternatively, the downtrend will be resumed as soon as the price breaks below the bottom of the MF sloping channel as well as the MF pivots 0,9887 and 0,9859 (as shown below):

 

 

 

 

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