Market outlook of USDCAD on Wednesday October 2023

Technical Analysis
USDCAD have big potential to buyl around 1.35717. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of sellers took profit and buyers decided to involve in. Based on volume indicator the momentum for sellers is weakening


Fundamental Analysis

Yesterday, October 10, 2023, the US dollar weakened against a basket of major currencies, as investors pared back their expectations for aggressive interest rate hikes from the Federal Reserve. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, fell 0.5% to 106.50, its lowest level since August 4.

 DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete