USDCAD bullish investors optimistic. On the daily USDCAD graph, there are signals that are inconsistent. Crude oil price increases keep Lonnie supportive
USDCAD Key Points
The USDCAD is aiming to stabilize over 1.3500 as the United States dollar continues to strengthen.
The US Durable Goods Bookings unexpectedly increased by 0.2 percent, despite speculators expecting a 0.5 percent decrease.
The euphoria in the US economy appears to be fading as Fed leaders advocate for greater interest rates.
During the early hours of the New York period. the USDCAD duo is under a bit of selling. While it attempts to break over its current barrier of 1.3540 mark. The CAD is struggling to prolong its comeback as the United States dollar confronts a modest sell-off following a new ten-month top of 106.45 level.
The S&P 500 begins with a high tone as traders dismiss concerns across a possible government closure. The overall market sentiment is careful, as the Fed is projected to maintain rates of interest up for an extended length of time. The dollar could pick up its upward trend since the August US Durable Goods report exceeded estimates.
From the oil upfront the cost of crude oil has reached a new ten-month peak of $92.66. While speculators expect demand to rise owing to increased usage. At the same time, traders welcome the US (EIA) weekly oil inventory numbers. . It is important remembering that Canada remains the main supplier of oil to the USA. Thus rising prices for oil help the Canadian Currency.
CAD: There is still space for growth.
Rising petroleum prices could help the CAD in daily trade. Notably versus assets of energy importing nations such as the Japan, UK and Eurozone
Technical Perspective
The (RSI) indicates that daily USDCAD market movement is fragile, with movement supporting not bulls or bears. The weekly and monthly moving averages appear to be creating a golden cross (50-day MA crosses over 200-day moving average). indicating a positive indication, yet lately the daily candlesticks mimic a bearish signal. If we observe a daily verification closure over marker resistance. The trend could be discredited. Nevertheless, a dip below flag base with the mentioned MA’s will reveal the 1.3373 flip bottom.
