Canadian Dollar Forecast: USD/CAD Price – Tries to Build Higher

Canadian Dollar Forecast: USD/CAD Price – Tries to Build Higher

USD/CAD Price Faces a Key Resistance Level %

  • Markets fluctuated between hopes of a V shape recovery and fears of a fresh wave of coronavirus cases.
  • USD vs CAD price chart exposes a sideways move

On Friday, USD/CAD rallied to a near four-week high at 1.3715 and closed the weekly candlestick in the green with a 0.6% gain.

The sharp take-off of the coronavirus cases last week sparked concerns about the economic recovery and kept demand on safe-haven currencies intact amid news about some US states reconsidered their reopening plans.

usdcad daily price chart 30-06-20 Zoomed out

usdcad daily price chart 30-06-20 Zoomed in

On June 16, USD/CAD corrected its downward trend and created a higher low at 1.3504. Last week, the price rebounded twice around the low end of the current trading zone 1.3511 – 1.3793 and rallied eyeing a test of the high end of the zone.

A close above the high end of the zone could signals that bulls could push towards the 1.4000 threshold and any further close above this level could extend the rally towards 1.4320.

On the other hand, a close below the low end of the zone could encourage bears to reattempt testing 1.3291. Any further close below that level opens the door for bears to press USDCAD even lower towards 1.3015.

usdcad four hour price chart 30-06-20

On June 24, USD/CAD broke above the lower downtrend line on the downtrend lines fan originated from the May 29 high at 1.3832, and generated a bullish signal.

A break above the higher downtrend line on the aforementioned fan would generate a bullish signal while a break below the uptrend line originated from the June 10 low at 1.3315 would produce a bearish signal.

Thus, a break above 1.3850 may trigger a rally towards 1.3968 in turn, any break below 1.3480 could send USDCAD towards 1.3401. Nonetheless, the weekly support and resistance marked on the four-hour chart should be considered.

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi


Author: Mahmoud Alkudsi

Cryptocurrency exchange - Wikipedia

Cryptocurrency exchange – Wikipedia

  • Cryptocurrency
  • Bitcoin
  • Digital currency
  • Digital gold currency
  • List of Bitcoin companies
    • Rash, Wayne (7 March 2018). “Crypto-Currency Exchanges, Coin Offerings Facing Likely SEC Regulation”. eWeek. Retrieved 9 March 2018.


    Apex Crypto News - California University Pays Million-Dollar Crypto Ransom

    Apex Crypto News – California University Pays Million-Dollar Crypto Ransom

    The University of California at San Francisco School of Medicine reportedly paid a $1.14 million ransom in cryptocurrencies to the hackers behind a ransomware attack on June 1.

    According to CBS San Francisco, the UCSF IT staff first detected the security incident, stating that the attack launched by NetWalker group affected “a limited number of servers in the School of Medicine.”

    Although the areas were isolated by experts from the internal network, the hackers left the servers inaccessible and managed to deploy the ransomware successfully. A statement published by the University of California said:

    “The data that was encrypted is important to some of the academic work we pursue as a university serving the public good. […] We, therefore, made the difficult decision to pay some portion of the ransom, approximately $1.14 million, to the individuals behind the malware attack in exchange for a tool to unlock the encrypted data and the return of the data they obtained.”

    BBC News revealed that a covert negotiation between the UCSF officials and the gang took place, but didn’t end successfully.

    University’s officials first asked to reduce the ransom payment amount to $780,000, but the hackers rejected the offer, stating that, if they accepted the reduced amount, it’s like they have “worked for nothing.”

    Netwalker then warned that they will only accept $1.5 million, and “everyone will sleep well.” Hours later, the UCSF staff asked for the steps to follow to send the payment and put a final offer of $1,140,895, which was accepted by the hackers.

    The University’s staff then proceeded to send 116.4 Bitcoin (BTC) the next day to the ransomers’ wallets and received the decryption software.

    Speaking with Cointelegraph, Brett Callow, a threat analyst and ransomware expert at malware lab Emsisoft, commented:

    “While public and private sector entities in the U.S., Europe and Australasia are the most common targets for ransomware groups, entities in other countries are frequently targeted too. And as ransomware attacks are now data breaches, the risks associated with these incidents are greater than ever — both to the targeted organizations and to their customers and business partners.”

    Callow adds that companies can minimize the likelihood of being successfully attacked by “adhering to security best practices — locking down RDP, using multi-factor authentication everywhere it can be used, disabling PowerShell when not needed, etc.”

    In early June, Cointelegraph reported that the NetWalker ransomware gang had attacked Michigan State University. The group threatened to leak students’ records and financial documents. At the time, university officials said that they will not pay the ransom.


    Canadian Dollar Forecast: USD/CAD Price – Tries to Build Higher

    Leave a Comment