USDCAD Daily Outlook 28-08-20 – On Thursday Fed Chairman Jerome Powell announced a new approach to inflation that could keep rates lower for longer, Initial weekly U.S. jobless claims totaled just over 1M slightly down from the previous week, and we found out that the Second-quarter GDP plunged by worst-ever 31.7% as the economy went into lockdown. Switzerland’s GDP fell by -8.2 % in the 2nd quarter and Japanese banks’ credit costs could hit crisis levels all thanks to the pandemic.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Friday we’ll be eyeing Canada’s GDP and the US PCE Price Index (JUL).
Today I’m looking at the USD/CAD pair which has been on a freefall since mid-July, and is about to reach the pre-pandemic low of 1.30. If things don’t start to look brighter, we could see the pair heading towards the 2.5 year low of 1.26.
How low do you think the pair could go before seeing a correction? Head over to the comments section and let me know.
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