#USDCAD @ 1.38336 aims to shift the auction above 1.3800 as oil price corrects further and the BoC keeps policy unchanged.
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- USD/CAD aims to shift the auction above 1.3800 as oil price corrects further and the BoC keeps policy unchanged.
The pair currently trades last at 1.38336.
The previous day high was 1.381 while the previous day low was 1.3731. The daily 38.2% Fib levels comes at 1.378, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3761, expected to provide support.
The USD/CAD pair aims for stability above the round-level resistance of 1.3800 in the New York session. The Loonie asset continues to move higher amid multiple tailwinds of declining oil prices, unchanged monetary policy by the Bank of Canada (BoC), and broader strength in the US Dollar.
The S&P500 opens on a bearish note amid deepening Middle East tensions. The US Dollar Index (DXY) delivered a small correction from 106.88 after the release of the upbeat Q3 Gross Domestic Product (GDP) data. The US economy grew by 4.9% in the July-September quarter from expectations of 4.1% on an annualized basis. In the April-June quarter, the US economy recorded a growth rate of 2.1%.
An upbeat US GDP carries the potential of elevating bets in favor of one more interest rate increase from the Federal Reserve (Fed) in the remainder of 2023. Apart from the US GDP data, upbeat Durable Goods Orders have also prompted hopes of more interest rates from the Fed. New orders for core goods grew at a stronger rate of 4.7% in September versus expectations of a 1.5% increase.
Meanwhile, the Canadian Dollar faces an intense sell-off as the Bank of Canada (BoC) kept interest rates unchanged at 5% on Wednesday. BoC Governor Tiff Macklem kept doors open for further policy-tightening citing that overall inflationary pressures have increased and consumer inflation could remain above the desired target of 2% for another two years.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3826 at the time of writing. Pair opened at 1.3796 and is trading with a change of 0.22 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3826 |
| 1 | Today Daily Change | 0.0030 |
| 2 | Today Daily Change % | 0.2200 |
| 3 | Today daily open | 1.3796 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3666, 50 SMA 1.3595, 100 SMA @ 1.3434 and 200 SMA @ 1.3476.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3666 |
| 1 | Daily SMA50 | 1.3595 |
| 2 | Daily SMA100 | 1.3434 |
| 3 | Daily SMA200 | 1.3476 |
The previous day high was 1.381 while the previous day low was 1.3731. The daily 38.2% Fib levels comes at 1.378, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3761, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3748, 1.3699, 1.3668
- Pivot resistance is noted at 1.3827, 1.3859, 1.3907
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3810 |
| Previous Daily Low | 1.3731 |
| Previous Weekly High | 1.3741 |
| Previous Weekly Low | 1.3606 |
| Previous Monthly High | 1.3694 |
| Previous Monthly Low | 1.3379 |
| Daily Fibonacci 38.2% | 1.3780 |
| Daily Fibonacci 61.8% | 1.3761 |
| Daily Pivot Point S1 | 1.3748 |
| Daily Pivot Point S2 | 1.3699 |
| Daily Pivot Point S3 | 1.3668 |
| Daily Pivot Point R1 | 1.3827 |
| Daily Pivot Point R2 | 1.3859 |
| Daily Pivot Point R3 | 1.3907 |
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