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USDCAD Await Final US Election Results

11/10/2022 1:50 PM

The Canadian currency has slowed down the dynamics of fluctuations. The USD/CAD pair is under the complete control of the US dollar, trading around 1.3531.

Analysts believe that the leading macroeconomic indicators in Canada are not improving fast enough: for example, yesterday, the Minister of Finance Chrystia Freeland said that households could alleviate the burden of high inflation for themselves if they refuse paid subscription to streaming television services, which caused outrage in the expert community. The greatest growth in recent months has been shown by food inflation, which reached a 41-year high of 18.0%, and it is unlikely that it will be possible to solve this problem by reducing the personal spending of households.

This week's focus is on the United States, where counting votes in the primary elections to Congress continues: according to the interim results, the Republican Party did not win a landslide victory. Although the Republicans will be able to gain control of the House of Representatives, in which they preliminary receive 220 seats against the backdrop of 215 seats for the Democrats, the situation with the Senate elections is not yet clear since 51 votes are needed to control it. Now the Republicans have 49 votes to 48 for the Democrats, and the count of the remaining votes, which will be of key importance, can be delayed for a long time. As practice shows, when such a dense struggle takes place in the USA, the final decision has to wait a very long time, and as a rule, it is then disputed more than once.

On the daily chart of the asset, the trading instrument continues to implement the Head and shoulders reversal pattern.

The range of fluctuations of the EMA on the Alligator indicator is expanding in the direction of the decline, increasing the likelihood of a continuation of the trend, and the histogram of the AO oscillator forms downward bars, quickly falling in the sell zone.

Resistance levels: 1.3600, 1.3800. | Support levels: 1.3426, 1.3220.

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