USD / CAD Record weekly increases up to 250 pips! - Kakiforex.com - Financial Market Media No. 1 in the World USD / CAD Record weekly increases up to 250 pips! USD / CAD Record weekly increases up to 250 pips!

June 19, 2021

USD / CAD Record weekly increases up to 250 pips!

 As of this week alone, the price on the USD / CAD currency pair has jumped around 250 pips that recorded the latest 7 weeks.


The main factor that led to a more significant price increase this week was due to the decision of the FOMC meeting that had reinforced US dollar trading in the market.


Additionally, the Canadian dollar's pretence is seen as much depressed influenced by worrying crude oil market sentiments.


Investors are looking at the latest report on discussions between Tehran and Washington to revive the 2015 Nukelar Agreement which adds negative sentiment to the oil market.


With uncertainty in the global crude oil market has shown prices on the USD / CAD chart showing a clearer bullish trend until the end of the week.


Supported at the 1.21300 support level which is the lowest level of the week, prices have jumped to 1.22700 when the market reaction to the FOMC meeting.


Connecting trading on Thursday yesterday, prices have climbed higher reaching the height of around 1.23700 to record 100 pips daily increases.



Until continued on European session trading today, prices still test the level with the 1.24000 level seen as a resistance zone that needs to be tested for prices.


Under the zone will drive a higher increase to the SPH Zone (Support Become Resistance) at 1.24700-1.25200.


If the price drops, the 1.22700 level is seen as a price support zone to continue its rejection.


The lower lower drop will return to around the 1.21800 level and it is likely that investors have signed a signal for the change of bearish trend.