Usd/cad. Give me prediction for the next 60 min
10/25/2024 02:57am
**The USD/CAD currency pair is exhibiting bullish signs, and the next 60 minutes suggest a continued uptrend.** Here's an analysis to support this prediction:
1. **Bullish USD**: The USD has been gaining positive traction for six straight days, which is a bullish signal.
2. **Slump in Oil Prices**: The overnight slump in Oil prices undermines the Loonie (CAD), which remains supportive of the USD/CAD pair.
3. **Interest Rate Expectations**: Expectations for a larger interest rate cut by the Bank of Canada (BoC) are undermining the commodity-linked Loonie and acting as a tailwind for the USD/CAD pair.
4. **Technical Indicators**: The USD/CAD pair has attracted buyers for six straight days, and it trades around the 1.3665 area, just below its highest level since August 19. The 200-day SMA is also a significant support level, which the pair is currently trading above, favoring bulls.
5. **Market Sentiment**: Geopolitical risk premiums have decreased slightly due to news of a possible ceasefire between Lebanon's Hezbollah and Israel, which led to a slump in crude oil prices. This, combined with expectations for a larger interest rate cut by the Federal Reserve (Fed), undermines the commodity-linked Loonie and acts as a tailwind for the USD/CAD pair.
6. **Recent Trends**: The recent breakout above the 200-day SMA and the sustained trading above 1.3550 suggest a strengthening bullish trend.
In conclusion, the combination of bullish USD, supportive interest rate expectations, and technical indicators suggest that the USD/CAD pair will likely continue its uptrend in the next 60 minutes. However, it's important to note that forex markets are highly volatile and subject to rapid changes, so traders should always be prepared for unexpected events.