The US Dollar depreciated about 100 base points against the Canadian Dollar on Friday. The currency pair was pressured down by the 200-hour simple moving average during the previous session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 1.3132 and could be set for a breakout.
If this breakout occurs, it is likely that bearish traders could aim for a support level at 1.3063 today.
Though, if the ascending channel pattern holds, the currency exchange rate will target both the 50– and 100-hour SMAs at 1.3196 within this session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 1.3132 and could be set for a breakout.
If this breakout occurs, it is likely that bearish traders could aim for a support level at 1.3063 today.
Though, if the ascending channel pattern holds, the currency exchange rate will target both the 50– and 100-hour SMAs at 1.3196 within this session.
Comment:
During the last 24hrs, the US Dollar has depreciated about 72 base points against the Canadian Dollar. The currency pair breached both the 50– and 100-hour simple moving averages at the end of yesterday’s trading session.
Everything being equal, it is likely that the USD/CAD exchange rate will continue its decline within this session. The potential downside target will be near a swing low at 1.3120.
However, it is important to note that the US macroeconomic data releases scheduled at 12:30 GMT could influence the currency exchange rate movement during the following trading session.
Everything being equal, it is likely that the USD/CAD exchange rate will continue its decline within this session. The potential downside target will be near a swing low at 1.3120.
However, it is important to note that the US macroeconomic data releases scheduled at 12:30 GMT could influence the currency exchange rate movement during the following trading session.
Comment:
Upside risks prevailed in the market on Friday, thus sending the US Dollar to appreciate by about 177 base points against the Canadian Dollar. The currency pair breached some significant resistance levels during Friday’s trading session.
Most likely, it is expected that bearish traders push the price downwards within this session. The potential downside target will be near the weekly pivot point at the 1.3240 area.
If the weekly PP holds, the Greenback will continue to gain strength against the Loonie during the following trading session.
Most likely, it is expected that bearish traders push the price downwards within this session. The potential downside target will be near the weekly pivot point at the 1.3240 area.
If the weekly PP holds, the Greenback will continue to gain strength against the Loonie during the following trading session.
Comment:
The US Dollar has been trading in a narrow ascending channel pattern against the Canadian Dollar since March 1. The narrow ascending channel has guided the currency pair towards January 24 high at 1.3360.
Given that the channel pattern is too narrow, a breakout will occur within this session. Technical indicators demonstrate that the upside momentum could continue today.
From a theoretical point of view, the currency exchange rate supposes to make a pullback towards a support level formed by the weekly pivot point at 1.3240 during the following trading session.
Given that the channel pattern is too narrow, a breakout will occur within this session. Technical indicators demonstrate that the upside momentum could continue today.
From a theoretical point of view, the currency exchange rate supposes to make a pullback towards a support level formed by the weekly pivot point at 1.3240 during the following trading session.
Comment:
The US Dollar depreciated about 71 base points against the Canadian Dollar on Friday. The decline was due to the US macroeconomic data report, which shows that the US labour market added only 20,000 jobs in February.
The currency exchange rate is currently testing a support level formed by the 100-hour simple moving average at 1.3409.
If the USD/CAD pair passes the 100-hour SMA, the next target will be near the 200-hour moving average at 1.3311.
However, if the support level as mentioned earlier holds, a surge towards the 1.3465 area could be expected.
The currency exchange rate is currently testing a support level formed by the 100-hour simple moving average at 1.3409.
If the USD/CAD pair passes the 100-hour SMA, the next target will be near the 200-hour moving average at 1.3311.
However, if the support level as mentioned earlier holds, a surge towards the 1.3465 area could be expected.
Comment:
The US Dollar has been trading in a junior descending channel pattern against the Canadian Dollar since the beginning of this week’s trading session. The pair tested the lower boundary of the pattern during yesterday’s trading session.
As for the near future, it is likely that the US Dollar will aim for a resistance level formed by the 50-hour simple moving average at 1.3344.
If the resistance level holds, a re-test of the bottom border of the channel pattern could be expected.
However, if the rate passes the 50-hour SMA, the next target for bullish traders will be near a resistance cluster at 1.3388.
As for the near future, it is likely that the US Dollar will aim for a resistance level formed by the 50-hour simple moving average at 1.3344.
If the resistance level holds, a re-test of the bottom border of the channel pattern could be expected.
However, if the rate passes the 50-hour SMA, the next target for bullish traders will be near a resistance cluster at 1.3388.
Comment:
The US Dollar appreciated about 80 base points against the Canadian Dollar on Friday. The currency pair tested the upper boundary of a descending channel pattern during Friday’s trading session.
Today’s trading session began with a bearish sentiment. By the middle of the European session, the Greenback had depreciated about 0.37% in values against its Canadian counterpart.
By and large, it is likely that the USD/CAD currency exchange rate will maintain its descending channel pattern today. The possible downside target for bearish traders will be near a support level at 1.3271.
Today’s trading session began with a bearish sentiment. By the middle of the European session, the Greenback had depreciated about 0.37% in values against its Canadian counterpart.
By and large, it is likely that the USD/CAD currency exchange rate will maintain its descending channel pattern today. The possible downside target for bearish traders will be near a support level at 1.3271.
Comment:
Downside risks prevailed in the market on Wednesday, thus sending the US Dollar to declined about 90 base points against the Canadian Dollar. The cause of the drop was mostly related to the US FOMC meeting.
Everything being equal, it is likely that the USD/CAD currency pair will regain some of its lost position within this trading day. Bullish traders could push the exchange rate towards a resistance line formed by the 200-hour simple moving average at the 1.3342 area.
However, the monthly pivot point at 1.3318 could hinder the currency exchange rate to hit the predicted numbers within this session.
Everything being equal, it is likely that the USD/CAD currency pair will regain some of its lost position within this trading day. Bullish traders could push the exchange rate towards a resistance line formed by the 200-hour simple moving average at the 1.3342 area.
However, the monthly pivot point at 1.3318 could hinder the currency exchange rate to hit the predicted numbers within this session.
A breakout occurred through the upper boundary of a medium-term descending channel at 1.3200 during the first half of today’s trading session.
Given that a breakout had occurred, it is likely that the will target a resistance level at 1.3236 within this session.
However, it is important to note that the 200-hour simple moving average at 1.3219 could hinder such movement today.