USDCAD Daily Outlook – On Wednesday the Senate moved toward voting on an estimated $2 trillion stimulus package designed to shield the economy from the damages of the coronavirus pandemic… and the S&P and Dow rose as investors dug into the package details. Still, volatility and uncertainty remain elevated.
On Thursday we’ll be getting the Bank of England rate decision, the US GDP and its initial jobless claims which could turn out to be pretty gloomy due to the Coronavirus lockdown.
Today I’m looking at the USD/CAD pair which is taking a U-turn after reaching the 4-year high level of 1.46…
In fact, the Canadian Dollar was one of the best performing majors on Wednesday as sentiment continued to improve on bets of aggressive US fiscal stimulus.
The USD/CAD pair could find temporary support at 1.40, but we could see another bullish round if Coronavirus death toll continue to rise in the US.
Do you think the USD/CAD pair will drop lower than this immediate support, or will it turn bullish again soon?
Head over to the Comments section and let me know.
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