FX.co ★ USD/CAD

Hello! As I predicted yesterday, USDCAD has fallen to the strong support level of 1.4190. My forecast for today remains the same as yesterday – a break of 1.4180 and USDCAD moving into a downtrend. Yesterday’s US ADP release points to an inevitable failure of the official NFP. This will crash the dollar index DXY. In contrast, the Canadian dollar is supported by the country’s PMI reading of 53.4. What is preventing a full drop of USDCAD to 1.41 is the uncertainty in Kevin Warsh’s comments. He flatly refuses to give any forecasts on the rate. But other Fed members are talking about a decrease in inflationary pressure, apparently due to the sharp drop in oil.