USD/CAD: review and forecast
Current trend
During yesterday’s session, the pair significantly grew.
The pair was supported by strong data on the US labour market, where the number of Initial Jobless Claims fell from 282 to 271 thousands, against a forecasted decline to 275 thousands. In addition, the pair is supported by strengthening after the Fed decision on interest rates US Dollar and falling oil prices. In current conditions, the Bank of Canada might decide to continue with monetary policy easing and cut the interest rate to -0.5% that would add to the pressure on the Canadian Dollar.
Today attention needs to be paid to data on the Consumer Price Index for November in Canada.
Support and resistance
On the 4-hour chart, MACD’s histogram is above the zero and its signal lines indicating strong upward trend. The K% line of Stochastic is about to cross over the D% line suggesting a possibility of a correction in the pair.
Support levels: 1.3900, 1.3840, 1.3800.
Resistance levels: 1.4000, 1.4050, 1.4100.
Trading tips
Long positions can be opened above the level of 1.4000 with targets at 1.4050, 1.4100.
Short positions can be opened below the level of 1.3900 with targets at 1.3840, 1.3800.
During yesterday’s session, the pair significantly grew.
The pair was supported by strong data on the US labour market, where the number of Initial Jobless Claims fell from 282 to 271 thousands, against a forecasted decline to 275 thousands. In addition, the pair is supported by strengthening after the Fed decision on interest rates US Dollar and falling oil prices. In current conditions, the Bank of Canada might decide to continue with monetary policy easing and cut the interest rate to -0.5% that would add to the pressure on the Canadian Dollar.
Today attention needs to be paid to data on the Consumer Price Index for November in Canada.
Support and resistance
On the 4-hour chart, MACD’s histogram is above the zero and its signal lines indicating strong upward trend. The K% line of Stochastic is about to cross over the D% line suggesting a possibility of a correction in the pair.
Support levels: 1.3900, 1.3840, 1.3800.
Resistance levels: 1.4000, 1.4050, 1.4100.
Trading tips
Long positions can be opened above the level of 1.4000 with targets at 1.4050, 1.4100.
Short positions can be opened below the level of 1.3900 with targets at 1.3840, 1.3800.
Declinazione di responsabilità
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.