HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

USD/CAD eases from near 4-week tops


29 March 2019

The USD fails to benefit from a strong recovery in the US bond yields. Resurgent oil prices underpin Loonie and prompt some profit-taking. Traders now eye Canadian monthly GDP/US data for a fresh impetus.

The USD/CAD pair traded with a mild negative bias through the early European session and is currently placed at session lows, around the 1.3425-20 region.

The pair failed to capitalize on its positive move witnessed over the past two trading sessions and struggled to make it through the 1.3450 supply zone, with a combination of factors prompting some profit-taking on the last trading day of the week. 

Despite a strong follow-through recovery in the US Treasury bond yields, the US Dollar consolidated the overnight goodish up-move to near three-week tops and was seen as one of the key factors keeping a lid on any follow-through up-move for the major.

Meanwhile, traders shrugged off the US President Donald Trump’s tweet about high oil prices on Thursday and a fresh leg of a positive move in crude oil prices further underpinned the commodity-linked currency and added to the pair's offered tone. 

The downside, however, remained limited as market participants now look forward to the release of monthly Canadian GDP print, which coupled with the Fed's preferred inflation gauge - core PCE Price Index might produce some meaningful trading opportunities.

Any further pull-back now seems to find some support near the 1.3400 handle, below which the pair is likely to accelerate the slide towards weekly lows, around the 1.3375-70 region, before eventually dropping to test the 1.3340-35 support area.

On the flip side, the 1.3440-50 region might continue to act as an immediate strong hurdle, which if cleared decisively would set the stage for a further appreciating move and assist the pair to aim towards reclaiming the key 1.3500 psychological mark.

Share: Tweet this or Share on Facebook


Related

Canadian Dollar Seeks Opportunities for Growth
Canadian Dollar Seeks Opportunities for Growth

The USDCAD pair remains within a sideways range, with the Canadian dollar occasionally showing a tendency to strengthen.

14 Mar 2024

USDCAD Faces Potential Bearish Retracement Amid Technical Indicators
USDCAD Faces Potential Bearish Retracement Amid Technical Indicators

The USDCAD currency pair finds itself in a precarious position as it grapples with key technical levels and indicators that suggest a possible bearish retracement. In this analysis, we delve into the current status of USDCAD...

26 Jan 2024

USD/CAD Retreats to Near 1.3380 as Crude Prices Surge
USD/CAD Retreats to Near 1.3380 as Crude Prices Surge

The USD/CAD currency pair is experiencing a retracement of recent gains during the Asian session on Friday, with prices edging lower to hover around the 1.3380 mark...

12 Jan 2024

USD/CAD Rises to 1.3380 Amid Declining Crude Prices and Mixed US Economic Data
USD/CAD Rises to 1.3380 Amid Declining Crude Prices and Mixed US Economic Data

The USD/CAD currency pair has been on an upward trajectory, reaching around 1.3380 in the European trading session on Monday. This movement is primarily influenced...

8 Jan 2024

USDCAD Signals a Bullish Trend in the Short-Term Amid Mixed Technical Indicators
USDCAD Signals a Bullish Trend in the Short-Term Amid Mixed Technical Indicators

Introduction The USDCAD currency pair has been exhibiting signs of a bullish trend in the short term as it approaches the critical 20-day Simple Moving Average (SMA)...

5 Jan 2024

USD/CAD Rebounds as US Dollar Gains and Oil Prices Weigh on the Canadian Dollar
USD/CAD Rebounds as US Dollar Gains and Oil Prices Weigh on the Canadian Dollar

The USD/CAD pair experienced a notable rebound, approaching the 1.3260 mark in the early New York trading session. This recovery was catalyzed by a resurgence in the US Dollar Index (DXY)...

1 Jan 2024


MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.