How To Make Money Today: USD/CAD Daily Market Analysis and Forex Trading Signals 7 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 expected to reverse off the stochastic indicator, 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
On poor oil prices, the USD/CAD attacked the 20-EMA around 1.2570.
- The 20-EMA and the trendline from 1.2007 are providing resistance to the USD/CAD.
- The loonie has been undermined by falling oil prices.
- This week, the Canadian Unemployment Rate will be a key topic of discussion.
After feeling greater response purchasing, the USD/CAD pair has swiftly rallied to reach the round level support of 1.2400. Despite global oil price weakening, the pair has seen a significant increase in value. Oil prices have been falling since US President Joe Biden said an extra 180 million barrels from the Special Petroleum Reserve will be released in six months (SPR). Investors should be aware that Canada is a major oil supplier to the United States, and a drop in oil prices has a substantial influence on the loonie.
In addition, recent hawkish remarks from Federal Reserve (Fed) leaders have given the powerful greenback a boost in strength. On Wednesday, the Federal Open Market Committee (FOMC) minutes revealed that one or more 50 basis point (bps) interest rate rises are expected this year. As a result, two of the seven rate rises announced by Fed Chair Jerome Powell might be a half-percentage-point increase.
In the future, the announcement of Statistics Canada’s Unemployment Rate, which is scheduled on Friday, will have a big influence on the asset. The preliminary estimate for the unemployment rate is 5.4 percent, down from 5.5 percent before.
USD/CAD Technical Analysis
Greenback bulls are aiming for the 20-period Exponential Moving Average (EMA) at 1.2574 on a daily basis. The trendline drawn from the asset’s low of 1.2007 in June 2021 will, however, continue to operate as a key barrier.
USD/CAD daily chart
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.2557 |
| Today Daily Change | 0.0013 |
| Today Daily Change % | 0.10 |
| Today daily open | 1.2544 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.2589 |
| Daily SMA50 | 1.2673 |
| Daily SMA100 | 1.2692 |
| Daily SMA200 | 1.262 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.2559 |
| Previous Daily Low | 1.2479 |
| Previous Weekly High | 1.2593 |
| Previous Weekly Low | 1.243 |
| Previous Monthly High | 1.2901 |
| Previous Monthly Low | 1.243 |
| Daily Fibonacci 38.2% | 1.2528 |
| Daily Fibonacci 61.8% | 1.251 |
| Daily Pivot Point S1 | 1.2496 |
| Daily Pivot Point S2 | 1.2448 |
| Daily Pivot Point S3 | 1.2416 |
| Daily Pivot Point R1 | 1.2576 |
| Daily Pivot Point R2 | 1.2607 |
| Daily Pivot Point R3 | 1.2655 |
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