The US dollar to Canadian dollar exchange rate is currently trading at around 1.3600, just before the release of important economic data from the US.
…
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 trades around 1.3600 ahead of the releases of US macroeconomic data.
The pair currently trades last at 1.36003.
The previous day high was 1.3612 while the previous day low was 1.357. The daily 38.2% Fib levels comes at 1.3586, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3596, expected to provide support.
USD/CAD treads waters to continue its winning streak, trading around 1.3600 during the early trading hours in the European session on Tuesday. The retreating US Treasury yields are contributing support to the downward pressure on the USD/CAD pair. Investors await upcoming data releases from the US and Canada, seeking fresh impetus into the economic prospects of both countries.
As said, these datasets include Jolts Job Openings, Housing Price Index, and Consumer Confidence, all of which are set to be disclosed later in the day. On Canada’s docket, Gross Domestic Product (GDP) is due to be released on Friday.
The support for the hawkish stance made by the US Federal Reserve (Fed) Chairman Jerome Powell is reinforcing the downward pressure on the Canadian Dollar (CAD). Powell advocated for supporting “higher for longer” interest rates. Powell also mentioned that the Fed is prepared to raise interest rates further if necessary and that the next rate hike decision will be data-driven.
The US Dollar Index (DXY), which measures the performance of the Greenback against the six other major currencies, struggles to retrace from the previous day’s losses. Currently, the spot price trades around 104.00. Recent China’s fiscal measures to attract investors back to its struggling equity markets are contributing to an optimistic risk sentiment, which faded the safe-haven appeal of the US Dollar (USD).
However, China’s economic woes put pressure on the price of Crude oil, which weakens the Loonie pair as Canada is one of the largest Oil exporters to the US. Western Texas Intermediate (WTI) trades around $79.80 at the time of writing.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3597 at the time of writing. Pair opened at 1.36 and is trading with a change of -0.02 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3597 |
| 1 | Today Daily Change | -0.0003 |
| 2 | Today Daily Change % | -0.0200 |
| 3 | Today daily open | 1.3600 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3473, 50 SMA 1.3317, 100 SMA @ 1.339 and 200 SMA @ 1.346.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3473 |
| 1 | Daily SMA50 | 1.3317 |
| 2 | Daily SMA100 | 1.3390 |
| 3 | Daily SMA200 | 1.3460 |
The previous day high was 1.3612 while the previous day low was 1.357. The daily 38.2% Fib levels comes at 1.3586, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3596, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3576, 1.3552, 1.3534
- Pivot resistance is noted at 1.3618, 1.3636, 1.3659
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3612 |
| Previous Daily Low | 1.3570 |
| Previous Weekly High | 1.3640 |
| Previous Weekly Low | 1.3496 |
| Previous Monthly High | 1.3387 |
| Previous Monthly Low | 1.3093 |
| Daily Fibonacci 38.2% | 1.3586 |
| Daily Fibonacci 61.8% | 1.3596 |
| Daily Pivot Point S1 | 1.3576 |
| Daily Pivot Point S2 | 1.3552 |
| Daily Pivot Point S3 | 1.3534 |
| Daily Pivot Point R1 | 1.3618 |
| Daily Pivot Point R2 | 1.3636 |
| Daily Pivot Point R3 | 1.3659 |
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
