The USDCAD Pricing Evaluation: The Pair returns its recent uptrend and falls to roughly 1.3350 mark on Friday during the European period.
USDCAD revisits yesterday grows, falling down at 1.3350 over the European trade on today. The CAD is gaining as a result of the rise in oil prices. This rise in the cost of oil is ascribed to growing Middle Eastern hostilities. Amid American and British military strikes on Iran-supported Houthi targets in Yemeni area.
Key Highlights and Points
The pair is falling as oil costs rise.
The week bottom of 1.3340, backed by the psychological threshold of 1.3300, might provide immediate support.
If the pair’s price breaks over 1.3400 mark, it may reach the 38.2 percent Fibonacci regression mark near 1.3450 then the fifty-day moving average at 1.3454 area.
Technical Analysis
The US dollar versus the Canadian dollar is expected to find immediate safety near the weekly bottom of 1.3340. Should that barrier breaches, the duo could cross the psychological marker of 1.3300 level. Providing more negative possibility to the main supportive area of 1.3250.
If the pair of USD and CAD breaks under the 1.3250 stage. The duo could navigate the zone near the prior week’s trough of 1.3228mark. Following through the psychological barrier at 1.3200 zone.
The technical examination of the U.S. and Loonie pair Moving Averages Convergent. The discrepancy (the MACD indicator) bar suggests a probable pattern change. Since the line formed by the MACD is under the point of center yet diverges over the indication point.
The trailing gauge, nevertheless, is the 14 day’s RSI, which is under 50. Investors will probably to remain cautious and watch for proof, implying whether the USD/CAD exchange rate is about to change course.
According to the study, a psychological barrier around 1.3400 might function as the primary hurdle on the upward. If the duo breaks over the critical barrier area, it might target the 38.2 percent Fibo retrace mark at 1.3450. Which is lined adjacent to the 50 (D-EMA on 1.3454 level.
5- Hourly Technical Indicators and Trading Signals
| Name | Value | Action |
| RSI(14) | 48.106 | Neutral |
| STOCH(9,6) | 31.403 | Sell |
| STOCHRSI(14) | 4.527 | Oversold |
| MACD(12,26) | 0.001 | Buy |
| ADX(14) | 25.583 | Sell |
| Williams %R | -90.000 | Oversold |
| Name | Value | Action |
| CCI(14) | -138.4320 | Sell |
| ATR(14) | 0.0028 | Less Volatility |
| Highs/Lows(14) | -0.0009 | Sell |
| Ultimate Oscillator | 47.899 | Sell |
| ROC | -0.332 | Sell |
| Bull/Bear Power(13) | -0.0030 | Sell |
