USD/CAD testing the annual maximums

20 December, 2018

  • Prev Open: 1.34624
  • Open: 1.34842
  • % chg. over the last day: +0.08
  • Day's range: 1.34662 – 1.35043
  • 52 wk range: 1.2248 – 1.3506

The USD/CAD currency pair has a variety of trends. The trading instrument is testing the annual maximums. The financial market participants are waiting for the Federal Reserve meeting. You should open positions from the key support and resistance levels of 1.34600 and 1.35000. A technical correction after a long rally is highly possible.

  • You should keep an eye on the US economic reports.
  • The price fixed above 50 MA and 200 MA which points toward the power of the buyers.
  • The MACD histogram is in the positive zone but below the signal line which gives a weak signal toward purchasing USD/CAD.
  • The Stochastic Oscillator reached the oversold zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

  • Support levels: 1.34600, 1.34150, 1.33900
  • Resistance levels: 1.35000, 1.35500
  • If the price fixes above the round 1.35000 expect further growth of the USD/CAD quotes. The movement will tend toward 1.35400-1.35600.
  • Alternatively, the price can fix below 1.34600 and you should look for market entry points to open short positions. The movement will tend toward 1.34200-1.34000.

Source   Presented by JustForex
Canadian dollar strengthened to a weekly high12 Feb, 2020  

The Canadian dollar strengthened to a one-week high against its American counterpart on Wednesday, as declining concern over the economic impact...

Loonie braces for Canadian jobs data10 Jan, 2020  

The latest employment figures out of Canada will be released at 13:30 GMT on Friday. Recent data have been disappointing, which puts extra...

CAD rises ahead of BoC rates decision4 Dec, 2019  

The Canadian dollar gained against the USD during the Asian session as the market waited for the BOC decision that will be made later today.

USD/CAD retreats from session highs,13 Aug, 2019  

US Dollar Index loses traction in the last hour. WTI clings to small daily gains near $55 handle. Coming up: Consumer Price Index (CPI) data...

USD/CAD rebounds from multi-month lows5 Jul, 2019  

A sharp pullback in Oil prices undermined Loonie and helped gain some positive traction. Fed rate cut bets kept the USD bulls on the defensive...

USD/CAD sticks to modest gains14 Jun, 2019  

A modest pull-back in Oil prices undermine Loonie and helped regain traction. The USD continues to attract some safe-haven flows and remained...

CAD boosted by jobs report10 Jun, 2019  

The Canadian dollar has continued to rally against its US counterpart, following on from Friday’s sold gains after a better than expected jobs report...

USD/CAD struggles to make a recovery6 Jun, 2019  

US Dollar Index stays calm above the 97 mark. WTI tries to retrace Wednesday's sharp drop. Coming up: Trade balance data...

CAD hitches a ride as crude prices surges23 Apr, 2019  

The Canadian dollar rose on the back of rising crude oil prices. WTI crude oil closed on Monday with 2.45% gains. This allowed the Canadian dollar...