Technical Analysis
USDCAD have big potential to sell around 136055. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for buyer is weakening. Target price at 1.35714
Fundamental Analysis
The US dollar weakened slightly against major currencies on Tuesday, August 29, 2023. The dollar index, which measures the greenback against a basket of six other currencies, fell 0.1% to 106.63.
The decline in the dollar was attributed to a combination of factors, including:
The release of weaker-than-expected economic data from the US. The Institute for Supply Management's (ISM) manufacturing index fell to 57.5 in August, from 59.1 in July. This was the lowest reading for the index since June 2020.
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete
