However, given the intense focus that’ll likely be paid to both the US and Canadian Dollar around Wednesday’s rate decisions, traders may want to point that CAD-focus elsewhere. The forecast for next week will be set to bullish for the Canadian Dollar.
įor that – traders can look to bullish breaks of the 2672 level, which currently marks the top side of the resistance zone looked at above and that price is confluent with the bearish trendline taken from December and January swing highs.Ĭhart prepared by James Stanley USDCAD on Tradingview The problem here is one of expectations, and with markets expecting a hike out of the BoC and no similar move out of the Fed, this can set the stage for a bullish move in the USD/CAD pair if the BoC disappoints, as they did in December. Just last week Canadian inflation printed at 4.8% and this is further playing into rate hike odds out of the BoC.
In Canada, inflation similarly remains elevated albeit inside of the recent levels seen in the U.S. For that, it looks like we’ll be waiting until March. There’s a strong chance of a rate hike out of the BoC next week while few, if any expect a similar move from the FOMC. USD/CAD Four-Hour Price ChartĬhart prepared by James Stanley USDCAD on Tradingview BoC v/s Fed – First Mover Advantage In the middle of that zone is the 38.2% retracement of the recent down-trend, and this can add a bit more perspective to the picture, allowing for bearish strategies should resistance show in this zone. This doesn’t mean that sellers are done, however, as a key zone lurks just above current price action and it’s the same zone that was in-play multiple times last year, spanning from Fibonacci levels at 1.2622 and 1.2672. Prices dipped below the big fig last Thursday and despite multiple tests over the past week, sellers were unable to make any ground below the 1.2450 level that’s currently functioning as the two-month-low in the pair. In USD/CAD, this week was marked by some pretty strident defense of support at 1.2450, with an assist from the 1.2500 psychological level. This should make for an especially busy Wednesday outlay with rate decisions from each representative Central Bank. But, Canadian economic policy has also played a role and this will be in the spotlight next Wednesday as the BoC holds a rate decision on the morning of the FOMC rate decision. Rising oil prices have certainly been a driver. After a pause in the 2622-2672 support zone, sellers continued to push last week, eventually producing a fresh two-month-low in the pair. In late-December, the pair was vying for a 1.3000 test for the first time in the calendar year of 2021 before sellers showed up at resistance around 1.2950. The following is an CAD to USD table that shows conversion from C$1 to USD up to C$100.USD/CAD may have finally found some support after the sell-off that started a month ago sent prices below a number of key supports. Convert Canadian Dollar to USDĪ Canadian dollar equals $0.79, or 1 CAD = 0.79 USD. When the rate changes, the Canadian dollar to USD amount will also change. To calculate how much is a Canadian dollar in US dollars, multiply by 0.7886.
Online Calculators > Financial Calculators > CAD to USD CAD to USDĬAD to USD conversion calculator to convert Canadian dollar to USD and vice versa.