USDCAD
Technical Analysis
USDCAD have big potential to sell around 1.32670-1.32700. 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 1.32381 and stoploss area 1.32842
Fundamental Analysis
July 3, 2023, the Canadian economy is in a strong but somewhat precarious position. The economy grew by 3.1% in the first quarter of 2023, the fastest pace among G7 countries. Unemployment is at a record low of 5.1%, and job vacancies are at a record high. However, inflation is also at a record high, at 7.7% in May. The Bank of Canada has raised interest rates several times in an effort to cool inflation, but it is unclear how much this will help.
There are a number of factors that could weigh on the Canadian economy in the coming months. The war in Ukraine is causing energy prices to rise, which could dampen consumer spending. The US Federal Reserve is also raising interest rates, which could lead to a slowdown in the US economy, which is Canada's largest trading partner.
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete
