One of the most popular strategies has been to trade the pair based on bounces from trend lines. Nonetheless, this would only offer a small profit. Investors looking for a large profit in a short time should observe break-out moves and invest accordingly.
The analysis by financial experts indicates that the Canadian dollar may reach between 1.34 and 1.39 in the fourth quarter (Q4) of 2023.
Evaluation based on the present pricing indicates that in one month the USD/CAD exchange rate could be 1.3332. This value has been derived from today’s market pricing.
The North American trading session is known to be the best time for USD/CAD trading and investing. A highly active market, during the subject period, makes it possible to reap optimum profit from the investment.
The CAD is a commodity currency. Global commodity prices, especially crude oil, affect the value of the CAD. The correct assessment of oil price fluctuations can make USD/CAD investing more profitable. Obtaining guidance and assistance from professionals observing the market can be really helpful in the case of USD/ CAD trading.
The USD has been the most traded currency globally. It has a strong reputation, and hence, countries consider the USD a financial reserve. Thus, generating a higher value to the currency than any other currency in the world. Between USD and CAD, the USD is stronger.
Nevertheless, the 2008 recession had a great impact on the value of the USD. The corrective measures instituted by the US Federal Reserve (Fed) led to CAD performing well against USD. Consequently, the CAD could reach 0.95 against the USD.
The performance of the tourism sector, oil prices, and price fluctuations of commodities have been the decisive factors in the case of the USD/CAD pair. Those interested in USD/CAD investing may have a keen eye for these factors.
The Canadian economy relies on oil exports. Therefore, any issue affecting the oil price can influence the CAD’s value. The year 2016 has been one of the most critical for the USD/CAD trading pair. The unprecedented oil price drop impacted the CAD heavily, taking it to 1.46 against the US dollar.
The CAD has been a commodity currency. Therefore, commodity prices can have a direct effect on the CAD’s value. The price drivers influencing USD/CAD investing include:
An expert by your side can prevent ambiguities and help you invest in the right currency at the right time. You may talk to our professionals if you are looking for USD/CAD trading.
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