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U.S. Dollar / Canadian Dollar

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EURUSD GBPUSD USDCAD market update 28thEURUSD is holding buyers above 1.08, waiting more information. IF above 1.0830 all buyers back to TP 1.0850 Sell expected below 1.0815 to 1.08, below 1.08 all sellers back IF above 1.0830 all buyers back to TP 1.0850 GBPUSD is holding buyers above 1.23, waiting sellers below 1.23 to 1.2290 below 1.2290 sellers back to 1.2260 and 1.2250 IF above 1.2340 possible buy to 1.2350 and 1.2360 GBPUSD EURUSD attention to highs in both cases. USDCAD buy prices between 1.3650 and 1.3660 to TP 1.37
by watchmyTrading
USDCAD appears well-set for further downside towards 1.3500USDCAD justifies a downside break of a five-week-old ascending trend channel, as well as downbeat RSI and MACD signals, despite marching towards the 61.8% Fibonacci retracement level of October-November 2022 downside, near 1.3690 ahead of the Bank of Canada (BoC) Consumer Price Index (CPI) for February. Should the inflation gauge suggests further rate hikes from the BoC, as it reiterated the readiness to resume the rate hike trajectory if needed, the Loonie pair will have a further downside to trace. In that case, a convergence of the 100-DMA and 38.2% Fibonacci retracement, close to 1.3500, will be a tough nut to crack for the sellers. Following that, the previous resistance line from October 2022 and the 200-DMA, respectively around 1.3430 and 1.3340, may lure the bears. Alternatively, softer inflation data may trigger the USDCAD pair’s corrective bounce. However, the aforementioned channel’s lower line, close to 1.3800 at the latest, holds the key to the buyer’s entry. Should the quote rises past 1.3800, the monthly peak surrounding 1.3865 and the 2022 peak of 1.3977 may test the bulls ahead of directing them to the stated channel’s top line, near the 1.4000 round figure. To sum up, USDCAD is likely to decline further as the key Canadian inflation data looms. Even if the statistics disappoint the Loonie pair bears, the life of a corrective bounce appears limited.
by MTradingGlobal
1
USDCAD Long Opportunity till previous High>> The security has been coiling for the last several session, especially during the last five sessions. As the 1.25 * average of 5-days range over the last 10 period is approximately 0.02, it is expected that the energy released after the move from the range would also be around 0.02. Thus, 1.36803 (Prev. session's mid-pt.) + 0.02 (1.25 * Average range) = 1.39 (which is also the prev. quarter's high and around our ADR100 calculation. Thus, the confluence.)
Long
by tradingparj
1