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U.S. Dollar / Canadian Dollar

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USDCAD remains vulnerable to more downside ahead of Canada CPINot only a downside break of the monthly bullish channel but sustained trading beneath the 100-SMA also keeps USDCAD sellers hopeful ahead of Canada’s Consumer Price Index (CPI) data on Wednesday. Adding strength to the bearish bias is the downward sloping RSI (14) since the last week. That said, the 1.2800 appears immediate support for the quote ahead of directing it towards the 200-SMA level surrounding 1.2720. Any further downside, however, hinges on the pair’s ability to conquer the 1.2660-65 horizontal area comprising the 61.8% Fibonacci retracement level of April-May upside, as well as mid-April tops. Meanwhile, the 100-SMA level near 1.2875 limits the USDCAD pair’s immediate recovery moves before highlighting the lower line of the aforementioned channel, previous support around 1.2930. In a case where the pair rises past 1.2930, the weekly high of 1.2981 and the 1.3000 psychological magnet could test the buyers prior to highlighting the north-run towards the monthly peak close to 1.3075. Overall, USDCAD has already flashed bearish confirmation on the chart but today’s data also needs to back the move.
Short
by MTradingGlobal
USDCAD pullback eyes 1.2700 ahead of the key US dataUSDCAD refreshed a seven-year high on Thursday before reversing from a downward sloping trend line from December 2021. The overbought RSI condition on the daily chart also seemed to have challenged the pair bulls. However, the Loonie pair’s ability to stay well beyond the 200-DMA amid bullish MACD signals hints at the quote’s strength. Hence, a clear break of the aforementioned resistance line, at 1.2860 by the press time, is more likely and could escalate the run-up towards December’s peak of 1.2963, a break of which won’t hesitate to challenge the 1.3000 psychological magnet. Alternatively, pullback moves may initially aim for the 38.2% Fibonacci retracement (Fibo.) of October-December upside, around 1.2700 at the latest. However, the bears will remain confused until witnessing sustained trading below the 1.2630 level comprising the 200-DMA and 50% Fibo. Following that, the pair’s south-run towards the last week’s bottom surrounding 1.2460 can’t be ruled out. Overall, USDCAD bulls have controls but the upside momentum needs validation, which in turn highlights today’s US Core PCE Price Index data for March, the Fed’s preferred gauge of inflation.
by MTradingGlobal
💡Don't miss the great sell opportunity in USDCADTrading suggestion: ". There is still a possibility of temporary retracement to the suggested resistance line (1.2537). if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . USDCAD is in a range bound, and the beginning of a downtrend is expected. . The price is below the 21-Day WEMA, which acts as a dynamic resistance. . The RSI is at 45. Take Profits: TP1= @ 1.2459 TP2= @ 1.2430 TP3= @ 1.2400 TP4= @ 1.2357 TP5= @ 1.2289 SL: Break Above R2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex / Crypto trader? Now, It's your turn! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Short
by ForecastCity_ME
USDCAD struggles to keep recovery around 1.2600USDCAD’s rebound from a weekly low fails to cross the 200-SMA hurdle amid a holiday-thinned trading session on Friday. Not only the 200-SMA level surrounding 1.2630 but a downward sloping trend line from March 08, near 1.2660, also challenge the pair’s upside momentum. It’s worth noting that the quote’s upside past 1.2660 needs validation from the monthly high around 1.2680 and early March month’s low near 1.2695 to convince buyers. Other than the multiple hurdles to the north, steady RSI and sluggish MACD also challenge the Loonie pair’s advances. On the contrary, pullback moves may aim for the 1.2540 support convergence comprising the 100-SMA and a three-week-old horizontal area. Following that, multiple levels marked since late March will challenge the USDCAD bears around 1.2460. In a case where the prices drop below 1.2460, the monthly bottom near 1.2400 and the 61.8% FE of March-April moves, close to 1.2360, will be on sellers’ radars.
by MTradingGlobal
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