Technical Analysis
USDCAD have big potential to buy around 1.33796. 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 1.34514
Fundamental Analysis
The US dollar weakened yesterday, August 10, 2023, against most major currencies. The US Dollar Index (DXY), which measures the value of the dollar against a basket of six major currencies, fell 0.4% to 102.00. The euro rose 0.5% to 1.0200, the Japanese yen rose 0.3% to 137.50, and the British pound rose 0.2% to 1.1950.
There were a few factors that contributed to the weakness in the dollar yesterday. First, US Treasury yields eased in recent days, dulling the dollar's allure while boosting a wide range of other currencies. Second, investors were cautious ahead of the release of US employment data later this week. Third, the Federal Reserve is expected to raise interest rates by 75 basis points at its meeting next week, which could weigh on the dollar in the near term.
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete
