#USDCAD @ 1.35292 continues to trade lackluster above 1.3500 ahead of Jackson Hole.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• USD/CAD continues to trade lackluster above 1.3500 ahead of Jackson Hole.

The pair currently trades last at 1.35292.

The previous day high was 1.3573 while the previous day low was 1.3496. The daily 38.2% Fib levels comes at 1.3525, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3543, expected to provide resistance.

The USD/CAD pair trades lackluster above 1.3500 as investors have sidelined ahead of the Jackson Hole Economic Symposium, which will start on Thursday. The Loonie asset struggles to find a direction as investors remain mixed about Federal Reserve (Fed) chair Jerome Powell’s commentary at Jackson Hole.

S&P500 futures add decent gains in the London session. US equities were decently bought on Monday, portraying further improvement in the risk appetite of the market participants. Risk-sensitive assets strengthened on Tuesday as the appeal for US Dollar fades. The appeal for the US Dollar eases as investors digested the bleak economic prospects of China.

On Monday, the People’s Bank of China (PBoC) lowered its one-year Prime Lending Rate (PLR) by 10 basis points (bps) to 3.45%. The PBoC delivered a dovish interest rate decision to tackle significant deflation risks and underpin economic demand.

The US Dollar Index (DXY) continues to trade lackluster as the upside seems restricted around 103.50. The upside in the USD Index gets restricted as Fed Powell is expected to raise interest rates further seldom in case of supporting economic data. Jerome Powell is likely to comment about keeping rates higher for a decent period to ensure inflation returns to 2%.

Meanwhile, the Canadian Dollar will dance to the tune of the June Retail Sales data. As per the estimates, monthly consumer spending remained stagnant against an expansion of 0.2%. Retail Sales excluding automobiles are expected to deliver a 0.3% expansion. This indicates that the demand for automobiles is declining.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3525 at the time of writing. Pair opened at 1.3545 and is trading with a change of -0.15 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3382, 50 SMA 1.3285, 100 SMA @ 1.3386 and 200 SMA @ 1.3454.

The previous day high was 1.3573 while the previous day low was 1.3496. The daily 38.2% Fib levels comes at 1.3525, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3543, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.3503, 1.3461, 1.3426
• Pivot resistance is noted at 1.358, 1.3614, 1.3656

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group