USD/CAD Outlook (15th August 2019)

USD/CAD has been on an uptrend for quite some time. Yesterday, USD/CAD moved higher, tested and bounced off the resistance level of 1.33300. The Canadian’s yield curve suffers an inversion as a result of the U.S.’s yield curve inversion, thus exerting pressure on the Bank of Canada to cut interest rates.

Currently, USD/CAD is moving away from the resistance level of 1.33300 and the next support level is at 1.31800. Also, USD/CAD is testing the key level of 1.33.