OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD trading at resistance at 1.0234/38

FXstreet.com (Barcelona) - The USD/CAD recently cruised to daily highs at 1.0247 during European trading Friday, having built on yesterdays bullish path higher that continued seemingly unabated overnight.

Later today at 12:30 GMT, investors get the only real action of the day with a tranche of economic data in Canada. These indicators include a variety of CPI indices, all of which are projected to rise in the month of April.

In these moments however, the pair has eased slightly, capped by resistance that culminated in a move towards 1.0234/38. Following an earlier surge above resistance at 1.0212, Mataf.net analysts point to the next level of correction for the USD/CAD at 1.0239 and 1.0270. On the decline, supportive structures abound at 1.0154, ahead of 1.0123, and finally 1.0096.

According to the ICN.com technical analyst team, “The USD/CAD continued it’s upside rally and breached 1.0215 levels. Breaching 1.0215 levels increases positivity and might extend the bullish move today, as Linear Regression Indicators supports these expectations. Momentum indicators are showing intraday overbought signals, which make it necessary to stabilize above 1.0185 levels in order not to trigger the negative signals.”

Flash: The macro backdrop - Bank of America / Merrill Lynch

Tomos Rhys Edwards, Bank of America / Merrill Lynch Global Research, comments on the global macro backdrop
Read more Previous

Flash: USD rally hits brick wall following inflation and jobs data miss - DBS Group

DBS Group analysts note that yesterday’s strong rally in the US dollar hit a brick wall after US inflationand jobs data came in well below expectations.
Read more Next
Start livechat