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Live usd cad12/28/2023 ![]() Being so close to the US has strengthened the import/export industry in Canada and helps the currency maintain a strong hold in the foreign exchange market. It enacts policies that try to promote economic and employment growth, although it hasn’t directly intervened in the currency since 1998.Ĭanada is a large exporter of materials and commodities, such as wood, grain, minerals, petroleum etc. The Bank of Canada can be a major influencer of the value of the Canadian dollar. News and data about the US economy and politics are constantly available and should be followed to keep up to date with factors which can influence the markets. This data can produce volatility in the value of the USD, and of course, affect the USD/CAD currency pairing.Īs with all currencies, economic and political events and occasional crises can play a part in affecting the fluctuations in the exchange rate. The Bureau of Labor Statistics releases Non-Farm Payroll numbers for the US, usually on the first Friday of each month. This data can help traders understand how the market may change in the future. One of the most influential of these are the various reports issued by the US Federal Reserve Bank (Fed). However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish.As the most traded currency in the world, the US dollar is affected by a variety of factors. But outlook will remain bearish as long as 1.3386 resistance holds. Initial bias is turned neutral this week first. USD/CAD edged lower to 1.3091 last week but quickly recovered. However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish. Further decline is expected as long as 1.3386 resistance holds. Initial bias remains neutral this week first. USD/CAD stayed in range trading above 1.3091 last week and outlook is unchanged. This will remain the favored case as 55 M EMA (now at 1.3048) holds. ![]() That is, up trend from 0.9506 (2007 low) is expected to resume at a later stage. In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern only, which might have completed at 1.2005. Meanwhile, break of 1.3386 will be a sign that the correction has completed and bring stronger rally back to retest 1.3976. Further fall could be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. ![]() ![]() But even so, deeper decline is expected as long as 1.3386 resistance holds. In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. On the downside, break of 1.3091 will resume larger fall and target 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. Outlook stays bearish for further decline with 1.3385 resistance intact. Initial bias stays neutral this week first. USD/CAD extended sideway trading above 1.3091 last week and outlook is unchanged. ![]()
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