USDCAD Pricing Evaluation and outlook: Moves upward near 1.3820, with the preceding week’s top as a reference.
USD vs CAD might reach the psychological threshold of 1.3850mark, which would be subsequent to an earlier week’s peak. Technical indications point to a bull resumption of the annual top at 1.3898. The psychological mark at 1.3800 appears as the first line of defense, backed with the 14-day EMA levels
Throughout the initial European trade on Tuesday, the pair bids upward at 1.3820. Pursued by a current resistance zone about 1.3850 level. Which corresponded to the prior week’s peak at 1.3854.
The 14-day RSI is over 50, showing that there is rising support. This indicates an upward trajectory and represents a positive market mood.
The (MACD) bar sits above the center point yet under the guage line. Showing a possible trend shift towards a bearish mood in the USDCAD duo.
Traders are wary ahead of American inflation news; better readings might strengthen the USD. Causing the pair of USD and CAD to reexamine the annual top of 1.3898.
On the negative side, the USDCAD might test the psychological barrier of 1.3800, trailed by the 14-D-EMA of 1.3778. A clear breach beneath the former might push the duo to trade near the 23.6 percent Fibonacci regression mark at 1.3706. Which is connected with the 1.3700 important milestone.
USDCAD: Diagrams show a positive sign.
Worries about slower economic expansion and weaker prices for commodities are dragging on the Canadian conditions for trade. Contributing to weak CAD confidence. Nevertheless, investor sentiment implies that traders have begun actively shorting the CAD. that may restrict the greenback potential to climb much and leaves market exposed to Loonie-positive shocks.
Support and Resistance Levels
S3 1.30915 S2 1.3377 S1 1.36033 R1 1.38981 R2 1.38981 R3 1.38981
