Don’t miss this month’s edition of the George Davis Report, where George updates the latest tariff developments and examines USD/CAD from a technical perspective
What you need to know:
1
The US administration increased tariff levels on Canadian exports in early August.
2
While the average effective tariff rate has increased as a result, Canada remains in a better competitive position than most other countries.
3
Bullish momentum has eroded for USD/CAD after prices pierced a key 4-year support trendline in June.
4
The resulting bearish trend reversal favours fading rallies to the 1.3850/1.4000 area going forward.
5
An even more important long-term support trendline near 1.3350 is now coming into view after June’s trend reversal.
For the trading range:
USD/CAD
Buyers
1.3500/1.3600
Sellers
1.3900/1.4000
