How To Make Money Today: USD/CAD Daily Market Analysis and Forex Trading Signals 30 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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USD/CAD:
On the H4, price moving below our ichimoku cloud. At this current juncture, we have a bias that price will drop from 1st resistance at 1.25638 in line with the horizontal overlap resistance and 23.6% Fibonacci retracement to 1st support at 1.24617 in line with the swing low support . Alternatively, price may break 1st resistance and head for 2nd resistance at 1.26234 in line with the 38.2% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 1st support at 1.24617
- H4 time frame, 1st resistance at 1.25638
Due to a lower USD and higher WTI prices, the USD/CAD has fallen below 1.2500.
- Rebounding oil prices and a weaker US currency continue to weigh on USD/CAD.
- The price of WTI is rising as confidence for a truce between Russia and Ukraine fades.
- The support level of 1.2467 looks to be in jeopardy due to a drop in Treasury rates.
The USD/CAD is failing to find support above 1.2500, as bears hold control despite further oil price gains and wider US dollar weakness.
WTI prices have recovered after falling on Tuesday, owing to renewed hope that the Russia-Ukraine peace negotiations may result in a truce. The mood was boosted when Russia said it would scale down its military presence in Ukraine, particularly near Kyiv and Chernihiv, sparking a massive sell-off in the black gold.
The Canadian currency is supported by higher oil prices, while the US dollar suffers the brunt of the decline in Treasury rates across the curve. The fall in the USD/JPY due to the Bank of Japan’s (BOJ) unrestricted bond-buying program adds to the pressure on the greenback.
As a result, the pair is still on the back foot, with all eyes on the ADP employment report and the Q4 final GDP readout in the United States. The developments in Russia-Ukraine will have a substantial influence on oil prices, which will ultimately affect the USD/CAD combination.
Technically, the USD/CAD pair looks positioned to extend its recent losses, with a challenge of the upward-sloping trendline resistance at 1.2467 on the horizon.
If the latter is breached, a new downturn would begin, leading to 1.2400, where the October 2021 lows of 1.2380 will be tested.
The 14-day Relative Strength Index (RSI) is in negative territory, implying more bearishness.
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