How To Make Money Today: USD/CAD Daily Market Analysis and Forex Trading Signals 4 April 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 moving below the ichimoku cloud, we expect to see a potential for bearish drop from our 1st resistance of 1.25349 in line with the 23.6% fibonacci retracement and 61.8% Fibonacci projection towards our 1st support level at 1.24519 in line with the swing low support. Alternatively, If price breaks out, it can potentially move towards our 2nd resistance level at 1.25900 which is in line with the 38.2% Fibonacci retracement and 100% Fibonacci projection.
Areas of consideration:
- H4 time frame, 1st support at 1.24519
- H4 time frame, 1st resistance at 1.25349
At the start of the week, the USD/CAD is solid, with a bulls eye considerable correction.
- The USD/CAD is holding steady in the opeb, with bulls eye 1.26 as the target for the next days.
- The Fed and a strong US dollar, together with falling oil prices, are helping to strengthen the pair.
A total of 431,000 new jobs were created. While the headline number fell short of expectations of 490,000, statistics for February employment growth was revised upward. Furthermore, the unemployment rate dropped to 3.6 percent, the lowest level since February 2020. The heat may be coming off the US labor market, as hourly wages for February were reduced down to 0.1 percent, which, together with the March data, implies the heat may be coming off the market. Despite this, the DXY rose for the second day in a row after two days of declines, and is now trading at 98.50. The cycle high of this month, around 99.418, should be challenged at some point.
Meanwhile, commodities markets finished the week lower, owing to a steep drop in energy prices as supply bottlenecks eased. Concerns about China’s sluggish economic growth also impacted on morale. Overall, the CAD acts as a commodity proxy, and as a result, it has underperformed in tandem with the reduction in oil prices. Crude lost further ground on Friday as the market adjusts to the big release of oil from the US strategic reserve, according to experts at ANZ Bank.
“Brent crude and WTI fell more than 10% after the US said earlier this week that it will release up to 180 million barrels of oil over six months. According to US President Joe Biden, the IEA members are expected to contribute additional 30-50 million barrels to their efforts. ” “However, this may not be enough,” the experts added. The market is short roughly 2 mb/d, if not more, according to Amos Hochstein, the US State Department’s senior energy security adviser.
USD/CAD technical analysis
The M-formation is a reversion pattern, and in the next days, the price is projected to drop to the 38.2 percent Fibonacci retracement level around 1.26.
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