USD/CAD Price Analysis: Jumps to two-month high, bulls seize control above 100-day SMA – by hareshmenghani USDCAD China Fed Technical Analysis Currencies
Weaker Chinese trade data revives fears about faltering recovery in the world's second-largest economy and weighs heavily on Crude Oil prices. Apart from this, expectations that the Bank of Canada will pause its interest rate hike campaign undermine the commodity-linked Loonie. Meanwhile, the prospects for further policy tightening by the Federal Reserve , along with a softer risk tone, boost demand for the safe-haven US Dollar and provides a goodish lift to the USD/CAD pair.
That said, the Relative Strength Index on the 1-hour chart has moved on the verge of breaking above the 70 mark and is seen holding back traders from placing fresh bullish bets around the USD/CAD. Hence, it will be prudent to wait for some follow-through buying beyond the 1.3435 area or intraday consolidation before positioning for any further gains. Nevertheless, spot prices remain on track to prolong the recent recovery move from the YTD low set in July and aim to reclaim the 1.
On the flip side, the 1.3400 mark, or the 100-day SMA, now seems to protect the immediate downside ahead of the 50% Fibo. level, around the 1.3375-1.3370 area. This is followed by support near the mid-1.3300s and the 1.3300 mark . Any subsequent downfall is more likely to attract fresh buying near the 1.3250 horizontal support and remain limited near the 1.3225 region, or the 23.6% Fibo. level.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
USD/CAD Price Analysis: Refreshes two-month high around 1.3400 as Fed delivers hawkish guidanceUSD/CAD Price Analysis: Refreshes two-month high around 1.3400 as Fed delivers hawkish guidance – by Sagar_Dua24 USDCAD Fed BOC Inflation SupportResistance
Consulte Mais informação »
USD/CAD hits two-month high, bulls await move beyond 100-day SMA hurdle near 1.3400The USD/CAD pair touches a two-month peak during the Asian session on Tuesday, with bulls now awaiting a sustained move beyond the 100-day Simple Moving Average hurdle near 1.3400.
Consulte Mais informação »
USD/CAD recovers some ground near the 1.3370 area in the Canadian bank holidayThe USD/CAD pair consolidates its recent gains near 1.3370 in the early Asian session. The downbeat Canadian employment data triggers a weakening in t
Consulte Mais informação »
USD/CAD: Room for a move lower in near-term but unlikely to last – MUFGThe Canadian Dollar underperformed alongside the US Dollar in July. Economists at MUFG Bank analyze USD/CAD outlook. USD/CAD should be trading closer
Consulte Mais informação »
USD/CAD Price Analysis: Bulls need to make it through 100-day SMA hurdle near 1.3400 markUSD/CAD Price Analysis: Bulls need to make it through 100-day SMA hurdle near 1.3400 mark – by hareshmenghani USDCAD NFP Fed Technical Analysis Currencies
Consulte Mais informação »
EUR/JPY Price Analysis: Bulls continue to target 158.00EUR/JPY extends Friday’s small gains and surpasses the key 156.00 hurdle at the beginning of the week. So far, the continuation of the upside momentum
Consulte Mais informação »