USD/CAD forecast for November 09, 2020

Looking at the chart, we see that the USD/CAD  pair will soon test the previous low at 1.29900-1.30000. Here one should pay attention to whether it will break below or bounce up if he breaks down because of the weak dollar and the still unresolved elections in America, where the Supreme Court’s decision for the final answer will be awaited.

USD/CAD, USD/CAD forecast for November 09, 2020

USD/CAD, USD/CAD forecast for November 09, 2020

Investors are still keeping to the side and waiting for the outcome to act. The USD/CAD pair remained on the defensive during the early European session, while the Bears are still waiting for a continuous break below the key psychological mark of 1.30000.

The coronavirus in America recorded a record 130 thousand new infections in one day. The latest U.S. report of a seven-day average of 105,600 daily cases, increased by at least 29 percent, is higher than the combined average for India and France, the two worst-hit countries in Asia and Europe. More than 237,000 Americans have died from covid-19 since the coronavirus’s disease first appeared in China late last year.

The number of cases in Canada has exceeded 4,000 newly infected. The country is still in lockdown. There is no critical news for Canada this week.

In contrast, last week, Canadians had The Unemployment Rate, which was negative, which means an increase in unemployment, and The Ivey Purchasing Managers Index (PMI), which was positive and above average.

A crucial factor for the Canadian dollar is the price of oil. Lockdown of European countries and the spread of coronavirus could lead to a decrease in oil demand, leading to a fall in the Canadian currency.

This closes the wells because there is no need for oil, which creates a lack of funds in the Canadian budget. With the arrival of winter, we have a reduction in the market for oil to transport people and resources.

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