Current trend
The US dollar continues to strengthen against the Canadian one.
The past week was strong, and the instrument reached the level of three-month highs. The US dollar weakened towards the end of the week in view of Trump's administration move on tariffs for the import of steel and aluminum, which, however, did not have a significant effect on the pair. The decline in oil prices could not support CAD, which shows weakness despite the satisfactory economic data.
For the current week, a number of macroeconomic releases are planned in both Canada and the US, which can significantly affect the dynamics of the pair. Particular attention should be paid to the decision of the Bank of Canada on the interest rate (March 7, 17:00 GMT+2).
Today, the data on the change in Markit index of business activity in the services sector will be published in the US (16:45 GMT+2), the market is expected to moderate volatility.
Support and resistance
On the H4 chart, the instrument is trading near the upper border of Bollinger Bands. MACD histogram is in the positive area keeping a signal for the opening of long positions.
Support levels: 1.2850, 1.2820, 1.2785, 1.2750, 1.2685, 1.2600.
Resistance levels: 1.2900, 1.2950.
Trading tips
Buy orders may be opened from the current level with the target at 1.2950 and stop-loss at 1.2855 mark.
Short positions may be opened from the level of 1.2840 with the target at 1.2785 and stop-loss at 1.2870.
Implementation time: 1-3 days.
US Dollar vs Canadian
Buy Sell Spread
1.29224 1.29199 25
Scenario
Timeframe Day's Range
Recommendations BUY
Entry Point 1.2893
Take Profit 1.2950
Stop Loss 1.2855
Support levels 1.2600, 1.2685, 1.2750, 1.2785, 1.2820, 1.2850, 1.2900, 1.2950
Alternative scenario
Recommendations SELL STOP
Entry Point 1.2840
Take Profit 1.2785
Stop Loss 1.2870
Support levels 1.2600, 1.2685, 1.2750, 1.2785, 1.2820, 1.2850, 1.2900, 1.2950
The US dollar continues to strengthen against the Canadian one.
The past week was strong, and the instrument reached the level of three-month highs. The US dollar weakened towards the end of the week in view of Trump's administration move on tariffs for the import of steel and aluminum, which, however, did not have a significant effect on the pair. The decline in oil prices could not support CAD, which shows weakness despite the satisfactory economic data.
For the current week, a number of macroeconomic releases are planned in both Canada and the US, which can significantly affect the dynamics of the pair. Particular attention should be paid to the decision of the Bank of Canada on the interest rate (March 7, 17:00 GMT+2).
Today, the data on the change in Markit index of business activity in the services sector will be published in the US (16:45 GMT+2), the market is expected to moderate volatility.
Support and resistance
On the H4 chart, the instrument is trading near the upper border of Bollinger Bands. MACD histogram is in the positive area keeping a signal for the opening of long positions.
Support levels: 1.2850, 1.2820, 1.2785, 1.2750, 1.2685, 1.2600.
Resistance levels: 1.2900, 1.2950.
Trading tips
Buy orders may be opened from the current level with the target at 1.2950 and stop-loss at 1.2855 mark.
Short positions may be opened from the level of 1.2840 with the target at 1.2785 and stop-loss at 1.2870.
Implementation time: 1-3 days.
US Dollar vs Canadian
Buy Sell Spread
1.29224 1.29199 25
Scenario
Timeframe Day's Range
Recommendations BUY
Entry Point 1.2893
Take Profit 1.2950
Stop Loss 1.2855
Support levels 1.2600, 1.2685, 1.2750, 1.2785, 1.2820, 1.2850, 1.2900, 1.2950
Alternative scenario
Recommendations SELL STOP
Entry Point 1.2840
Take Profit 1.2785
Stop Loss 1.2870
Support levels 1.2600, 1.2685, 1.2750, 1.2785, 1.2820, 1.2850, 1.2900, 1.2950