The USDCAD pair, currently at 1.34786, is encountering resistance on Thursday as the US dollar takes a break, resulting in a halt in its upward movement.

…
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 seeing mid-Thursday rejection from the topside as Greenback pauses.

The pair currently trades last at 1.34786.

The previous day high was 1.3477 while the previous day low was 1.3396. The daily 38.2% Fib levels comes at 1.3446, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3427, expected to provide support.

The USD/CAD lifted in early Thursday trading, clipping into 1.3520 before seeing a clean rejection, and is now trading down into 1.3475 as the Greenback (USD) takes a breather and the Loonie (CAD) finds support from bouncing crude oil prices.

The oil-based Loonie is finding some minor support from crude prices heading into the end of the week, rebounding after the USD caught a firm bid across the board after Thursday’s Federal Reserve (Fed) rate call. The Fed stood still on interest rates, but a rising rate outlook firmed up the chances of another rate hike before the end of the year.

On the economic calendar, Friday comes in with CAD Retail Sales and US Purchasing Manager Index (PMI) figures.

Canadian retail sales from July are forecast to see confirmed month-over-month growth of 0.4%, an uptick from the previous period’s 0.1%.

On the US side, PMIs are expected to improve slightly, with the manufacturing component forecast to lift from 47.9 to 48.0, and the services side moving from 50.5 to 50.6.

The USD/CAD has been catching bids ever since the Fed release yesterday, taking the pair up nearly a full percent bottom-to-top, before running aground on the 200-hour Simple Moving Average (SMA) near 1.3520.

The pair is now set to fall further, declining past the 100-hour SMA and looking at the top side of the descending intraday trendline, marked in from 1.3580.

On the daily candlesticks, the USD/CAD is looking for a rebound from the 34-day Exponential Moving Average (EMA) near 1.3400, and is getting hung up on the 200-day SMA close to the current price action.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3477 at the time of writing. Pair opened at 1.3462 and is trading with a change of 0.11 % .

The pair is trading below its 20 Daily moving average @ 1.3563, above its 50 Daily moving average @ 1.3428 , above its 100 Daily moving average @ 1.3399 and above its 200 Daily moving average @ 1.3463

The previous day high was 1.3477 while the previous day low was 1.3396. The daily 38.2% Fib levels comes at 1.3446, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3427, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3412, 1.3363, 1.3331
• Pivot resistance is noted at 1.3494, 1.3527, 1.3576

[/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

Share this:

• Facebook
• X

Like this:

Like Loading...