How To Make Money Today: USD/CAD Daily Market Analysis and Forex Trading Signals 31 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, with price expected to bounce off the support of the stochastics indicator, we have a bias that price will rise to our 1st resistance at 1.25967 in line with the 38.2% Fibonacci retracement from our 1st support at 1.24617 in line with the horizontal swing low support. Alternatively, price may break 1st support structure and head for 2nd support at 1.23886 in line with the 161.8% Fibonacci extension.
Areas of consideration:
- H4 time frame, 1st support at 1.24617
- H4 time frame, 1st resistance at 1.25967
On the back of lower oil prices, the USD/CAD is marching towards 1.2500.
- As oil prices plummet by more than 5%, the USD/CAD has produced a positive open-drive.
- Biden wants a large-scale oil discharge to combat rising prices.
- On weak Asian signals, a dead cat bounced, according to the DXY.
After falling below 1.2450 on Wednesday, market players showed considerable purchasing activity in the USD/CAD pair. On Thursday, the major demonstrated a bullish open-drive session, with the asset initiating a move to the north from the first tick.
After oil prices plummeted like a house of cards on Thursday, the Loonie bulls put on a dismal performance. At the time of publication, the West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) were auctioning for roughly $100.00. According to Reuters, oil prices fell after US President Joe Biden indicated that his team is contemplating releasing 180 million barrels of oil to combat the effect of rising inflation.
Oil bears were looking for a trigger that would allow them to pump more oil into the global supply, and Biden’s commitment to delivering price stability to the oil market by expanding supply has achieved that goal.
Meanwhile, according to Reuters, the International Energy Agency (IEA) nations will vote on a collective oil release on Friday, citing a remark from New Zealand’s Energy Minister’s office this Thursday, which has exacerbated oil price weakness. WTI US oil has dropped 5.33 percent in the Asian session as I write this post. It’s worth mentioning that Canada is the US’s biggest oil exporter, and a drop in oil prices impacts inflows to Canada and, as a result, their budgetary objective.
On the dollar front, on weak Asian markets, the US dollar index (DXY) has seen a dead cat bounce and is now at 98.00.
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.2519 |
| Today Daily Change | 0.0037 |
| Today Daily Change % | 0.30 |
| Today daily open | 1.2482 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.2658 |
| Daily SMA50 | 1.2683 |
| Daily SMA100 | 1.2695 |
| Daily SMA200 | 1.2617 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.2508 |
| Previous Daily Low | 1.243 |
| Previous Weekly High | 1.2624 |
| Previous Weekly Low | 1.2466 |
| Previous Monthly High | 1.2878 |
| Previous Monthly Low | 1.2636 |
| Daily Fibonacci 38.2% | 1.246 |
| Daily Fibonacci 61.8% | 1.2478 |
| Daily Pivot Point S1 | 1.2438 |
| Daily Pivot Point S2 | 1.2395 |
| Daily Pivot Point S3 | 1.236 |
| Daily Pivot Point R1 | 1.2517 |
| Daily Pivot Point R2 | 1.2552 |
| Daily Pivot Point R3 | 1.2596 |
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