Technical Analysis
USDCAD have big potential to sell around 1.3588. 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 1.35255
Fundamental Analysis
The US dollar was stronger yesterday, August 21, 2023. The US Dollar Index (DXY), which measures the value of the US dollar against a basket of six other major currencies, closed at 103.20, up 0.13% from the previous day. The dollar was supported by expectations that the US Federal Reserve will continue to raise interest rates in an effort to combat inflation.
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete