The US dollar to Canadian dollar exchange rate, currently at 1.34721, experiences a surge in buying activity around the 1.3460 mark. This is reinforced by a recent increase in the value of the US dollar.

…
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 discovers buying interest near 1.3460, supported by a fresh upside in the US Dollar.

The pair currently trades last at 1.34721.

The previous day high was 1.3492 while the previous day low was 1.3424. The daily 38.2% Fib levels comes at 1.3466, expected to provide support. Similarly, the daily 61.8% fib level is at 1.345, expected to provide support.

The USD/CAD pair finds buying interest near 1.3460 amid sheer strength in the US Dollar. The Loonie asset aims to recapture the psychological resistance of 1.3500 as the market mood dampens amid deepening fears of a global slowdown.

S&P500 opens on a flat-to-negative note as investors remain worried about economic prospects. The Federal Reserve (Fed) is expected to keep interest rates higher for a longer period as inflationary pressures in excess of the desired rate of 2% would be a hard nut to crack.

The US Dollar Index (DXY) prints a fresh nine-month high near 105.90 as the US economy is absorbing the consequences of higher interest rates by the Fed comfortably. Slowing inflation and a resilient labor market allowed the Fed to keep interest rates unchanged last week. Also, hawkish guidance from Boston Fed President Susan Collins strengthened the US Dollar.

Fed Collins said on Friday that a further rate hike is certainly not off the table. She further added that inflation can fall with only a modest rise in unemployment and that core services excluding shelter have not yet shown a sustained improvement.

Meanwhile, the oil price remains sideways around $90.00 as global central bankers are pausing the rate-tightening spell sooner to avoid risks of economic slowdown. It is worth noting that Canada is the leading exporter of oil to the United States and maintains a positive relationship with the Canadian Dollar.

Last week, the Canadian Dollar remained in action after a mixed Retail Sales report for July. Consumer spending expanded at a slower pace of 0.3% vs. expectations of 0.4%. In June, Retail Sales expanded nominally by 0.1%. Retail Sales excluding automobiles expanded strongly by a full one percent, doubling expectations of 0.5%. The economic data was contracted by 0.7% in June. Scrutiny of the Retail Sales report shows that demand for automobiles remained weak. Households postponed demand for automobiles to avoid higher interest obligations.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3473 at the time of writing. Pair opened at 1.3484 and is trading with a change of -0.08 % .

The pair is trading below its 20 Daily moving average @ 1.3552, above its 50 Daily moving average @ 1.3441 , above its 100 Daily moving average @ 1.34 and above its 200 Daily moving average @ 1.3462

The previous day high was 1.3492 while the previous day low was 1.3424. The daily 38.2% Fib levels comes at 1.3466, expected to provide support. Similarly, the daily 61.8% fib level is at 1.345, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3441, 1.3398, 1.3373
• Pivot resistance is noted at 1.3509, 1.3534, 1.3577

[/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...