How To Make Money Today: USD/CAD Daily Market Analysis and Forex Trading Signals 5 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
USD/CAD is stuck in a narrow range, waiting for a trigger.
- On Tuesday, the USD/CAD is trading in a narrow range as markets anticipate the release of the FOMC minutes later this week.
- Despite the likelihood of supply from US reserves, oil prices are holding steady.
In Asia, the USD/CAD remains unchanged after a pretty calm session overnight, during which the price moved in a circular turn of roughly 35 pips with a short spell over 1.25. At the start of the week, the US dollar was robust, keeping commodities FX under control as it struggled to keep up with the US stock markets.
Despite the release of 180 million barrels from the US Strategic Petroleum Reserve (SPR) and an agreement last week by members of the International Energy Agency (IEA) to release part of their own strategic reserves, oil has managed to gain ground owing to the persistence of geopolitical fears.
The rise in oil prices aided the CAD, and rallies in the USD/CAD have faded. WTI rose 4.5 percent overnight as White House National Security Advisor Jake Sullivan said the US is working with European partners to coordinate more penalties against Russia.
Meanwhile, according to the Federal Reserve’s narrative, US 10-year rates have risen. On the back of a light news day, the market consolidated, and the curve steepened somewhat. The yield on a ten-year government bond fluctuated in a narrow range before finishing marginally higher at 2.40 percent. As a result, the US dollar rose in lockstep with the yield.
Looking forward to the next week, the FOMC meeting minutes are due. At the March meeting, Fed policymakers started the process of policy normalisation by raising rates 25 basis points to 0.25 percent -0.50 percent.
“In its policy advice, the FOMC pulls no punches, with Chair Powell implying that further information on QT plans would be released in the minutes” (possibly including caps details). TD Securities analysts said, “We continue to anticipate a formal QT announcement at the May FOMC meeting.”
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.2487 |
| Today Daily Change | 0.0005 |
| Today Daily Change % | 0.04 |
| Today daily open | 1.2482 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.2622 |
| Daily SMA50 | 1.2679 |
| Daily SMA100 | 1.2693 |
| Daily SMA200 | 1.2619 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.2529 |
| Previous Daily Low | 1.2468 |
| Previous Weekly High | 1.2593 |
| Previous Weekly Low | 1.243 |
| Previous Monthly High | 1.2901 |
| Previous Monthly Low | 1.243 |
| Daily Fibonacci 38.2% | 1.2491 |
| Daily Fibonacci 61.8% | 1.2506 |
| Daily Pivot Point S1 | 1.2457 |
| Daily Pivot Point S2 | 1.2432 |
| Daily Pivot Point S3 | 1.2397 |
| Daily Pivot Point R1 | 1.2518 |
| Daily Pivot Point R2 | 1.2554 |
| Daily Pivot Point R3 | 1.2578 |
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