USDCAD is trading above the lower trendline/50% retracement

the USDCAD

USD/CAD

USD/CAD is the currency pair comprising the United States dollar (symbol $, code USD) and the Canadian dollar from Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed to buy one US dollar. For example, when USD/CAD is trading at 1.3500, that means 1 US dollar equals 1.35 Canadian dollars. The US dollar (USD) is the most traded currency in the world, while the Canadian dollar (CAD) is the seventh most traded currency in the world. The United States and Canada are geographical neighbors and therefore there is a lot of trade between the two countries. Thus, there is often decent volatility and low spreads for USD/CAD, usually between 1 and 3 pips on most forex brokers. Factors Influencing USD/CAD There are a number of important economic or press releases that can affect USD/CAD. This includes, among other things, nonfarm payrolls data for the United States which is released on the first Friday of each month. These measures tell us whether employment is increasing or decreasing, while the Gross Domestic Product (GDP) of Canada or the United States measures the total value of all goods and services produced by the country. Additionally, the USD/CAD is known as a “commodity pair” because Canada has large amounts of natural resources, especially oil, which is its most traded commodity. As a result, it is important for long-term USD/CAD speculators to keep a close eye on crude oil developments due to the strong negative correlation.

USD/CAD is the currency pair comprising the United States dollar (symbol $, code USD) and the Canadian dollar from Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed to buy one US dollar. For example, when USD/CAD is trading at 1.3500, that means 1 US dollar equals 1.35 Canadian dollars. The US dollar (USD) is the most traded currency in the world, while the Canadian dollar (CAD) is the seventh most traded currency in the world. The United States and Canada are geographical neighbors and therefore there is a lot of trade between the two countries. Thus, there is often decent volatility and low spreads for USD/CAD, usually between 1 and 3 pips on most forex brokers. Factors Influencing USD/CAD There are a number of important economic or press releases that can affect USD/CAD. This includes, among other things, nonfarm payrolls data for the United States which is released on the first Friday of each month. These measures tell us whether employment is increasing or decreasing, while the Gross Domestic Product (GDP) of Canada or the United States measures the total value of all goods and services produced by the country. Additionally, the USD/CAD is known as a “commodity pair” because Canada has large amounts of natural resources, especially oil, which is its most traded commodity. As a result, it is important for long-term USD/CAD speculators to keep a close eye on crude oil developments due to the strong negative correlation.
Read this term is lower on the day with the price opening at its high and trading at its low during the North American session. The last 13 hours or so has seen the price move up and down with a high near 1.2807 and a low at 1.27659.

On the downside, the pair stalled near a lower descending trendline on the hourly chart, AND the midpoint of the 50% upside from the April 21 low. These levels lie near 1.27668. It will be necessary to go below this level to increase the bearish bias.

On top, the 100 hour MA is the key resistance today and going forward. This MA comes in at 1.28197. On Friday the pair moved above that MA line at 1.28309 on its way to a high of 1.28674 (Wednesday and Thursday the moving average blocked rallies). However, the momentum could not be maintained. The price moved lower towards the close but closed just above this MA line.

Today, the price opened above the 100 hourly moving average, but broke below during the 2nd hour of trading. The momentum increased on the downside as the buyers turned to the sellers, until reaching the 1.27668 area where the buyers began to press against the aforementioned support target.

The current price is trading at 1.2782, above the 50% and downtrend line, but comfortably below the upside 100 hourly moving average. Flip a coin but with price near the low and below the 100 hourly moving average (after failing Friday’s break), sellers have the small short-term advantage.

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