The US Dollar (USD) keeps expanding against the Canadian Dollar (CAD) after the University of Michigan released stats with respect to Consumer Sentiment Index.  According to the figure, it remained 263.569 in July as compared to 262.803 in the month before up beating the figure anticipated by economists i-e 263.282

The Michigan Consumer Sentiment Index is released by the University of Michigan which reviews individual buyer trust in monetary action. It demonstrates an image of whether buyers are eager to burn through cash. Generally, a high reading envisions positive (or bullish) for the USD, while a low figure is viewed as a negative (or bearish) market for the US Dollar (USD).

Since the US Dollar succeeded in rising up over the last week, it is anticipated that it will continue its journey following the bullish trend. The consensus of the market leaders also seems on a positive edge with a predicted value of 0.2%. The weekly greenish candle showed in the graph below represents the clear image with respect to the successful recovery of the US Dollar.

Conclusion

Trading the USDCAD at current levels cant be a better idea to start with. However, traders looking for a short term position may also try their fate for sure.