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USD/CAD Daily Fundamental Forecast – July 21, 2017

The USDCAD pair continues to struggle during the course of the last 24 hours and has been in the tight grip of the bears. Though there was a brief look over 1.26 as the pair tried to make a break, it could not get past the 1.2630 region and fell back below 1.26 where it is trading right now. This weakness is here to stay as the sellers are likely to use any kind of strength in this pair as an opportunity to sell.

USDCAD Likely to Stay Weak

Yesterday, we saw the dollar being crushed all across the board once again as we got reports that some of the business transactions of the US President Trump might come under investigation. The Trump administration has already been struggling with the problems surrounding its inability to pass the healthcare reform bill and the opposition that it is facing with regards to the new tax cut plan and this is the last thing that they would like to have.

USDCAD Hourly
USDCAD Hourly

This report caused a dollar sell off once again which pushed the USDCAD pair towards 1.2550 during the US session but it has since bounced slightly though the weakness is there for all to see. We doubt whether the pair would be able to make any kind of a decent recovery in the short term.

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Looking ahead to the rest of the day, there is no news from the US that is to be released and in fact, there are no economic data to be released from any part of the world today except Canada. The CAD is likely to be the focus of the day today with the Retail sales data and the CPI data expected to hit the news wires later in the day. If at all the bulls have any hope of a bounce, it is likely to be today as they would hope that the data today would bring in a slight reversal which would provide them with an opportunity to get out of the long positions that they might have.

This article was originally posted on FX Empire

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