Despite the strengthening US dollar, the USDCAD pares afternoon grows, battling to make up earlier losses. Throughout the European afternoon on Monday, the pair is trading upward at 1.3590.
USDCAD Trading Highlights
Amidst a cheerful US Dollar, USDCAD struggles to maintain its position at 1.3590 zone.
If the currency pair breaks over 1.3600, it might target a 38.2 percent Fibo – retrace near 1.3637 mark
A break beneath 1.3500 might push the pair’s value down to the preceding week’s bottom of 1.3479 level.
Technical Picture and Analysis
The strong jobs report has spurred debate regarding the potential path of the US Fed‘s monetary regulation. Including the length of time. the Federal Reserve wants to keep interest rates tight. The spike in conversations could increase the dollar’s resilience to challenge the psychological ceiling of 1.3600 mark. That serves as a significant obstacle towards the 14 (D-EMA) around 1.3606 area.
A breakout over the psychological mark might offer assistance for the USDCAD set. Allowing it to test the 38.2 percent Fibo-retrace near 1.3637, before moving onwards to the key milestone at 1.3650 mark.
The USDCAD duo’s technical signs confirm its present negative trend. The (MACD) lines is under the center point and the indicator line, suggesting that the pair of USD and CAD is losing strength.
In addition, a 14-day index of relative strength (RSI) under 50 suggests a softer mindset. Implying that the dollar versus the Canadian dollar may find support near the key level of roughly 1.3550 mark. Followed by a subsequent psychological backing barrier at 1.3500. A breach under the latter level might lead USDCAD bearish to the zone near the week prior’s bottom at 1.3479 level.
USDCAD 5- Hourly Indicators
| Name | Value | Action |
|---|---|---|
| RSI(14) | 47.041 | Neutral |
| STOCH(9,6) | 55.497 | Buy |
| STOCHRSI(14) | 0.000 | Oversold |
| MACD(12,26) | 0.000 | Buy |
| ADX(14) | 27.096 | Neutral |
| Williams %R | -66.178 | Sell |
| Name | Value | Action |
|---|---|---|
| CCI(14) | -122.3729 | Sell |
| ATR(14) | 0.0024 | Less Volatility |
| Highs/Lows(14) | -0.0003 | Sell |
| Ultimate Oscillator | 49.892 | Neutral |
| ROC | -0.180 | Sell |
| Bull/Bear Power(13) | 0.0002 | Buy |
| Buy:3 | Sell:4 | Neutral:3 | Indicators Summary:Sell |
USDCAD Likely Trend
Wave direction has shifted into neutrality on the immediate graph. while the long-run oscillation remains negative, indicating that the dangers are biased towards the negative generally.
