USD/CAD Outlook For The Week Of Oct 18-22

Last week, USD/CAD touched the parity mark and then bounced back from there. At the beginning of last week, all commodity currencies moved higher against the US dollar as Oil and Gold hit high for the week. Gold touched all time high this month and seems like no stop near sight. Oil price fell on Friday and that brought Canadian Dollar back from parity.
Coming week is very important for USD/CAD as Canadian Rate decision on Tuesday at 14:00 GMT (9:00 AM NY Time).

The Bank of Canada expects the economic recovery in Canada to be more gradual than it had predicted in its July Monetary Policy Report although consumption and investment have evolved largely as anticipated. The previous inflation rate grew by 1.00% following 0.75% rise in July. September’s inflation rate is expected to remain 1.00%. A gradual increase is inflation rate will provide backing to the Canadian growing economy.

On technical level, USD/CAD closed doji on a weekly chart. In candlestick term, it's a sign of reversal. In our weekly, bolinger band chart, you can see USD/CAD just closed above the lower bolinger band. If the price can closes above 1.0180 on a daily chart then, USD/CAD can go as high as 1.0350 before the next resistance.
Good Luck Everyone On Your Trading Next Week.

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