In the Asian trading session, the US Dollar surged against the Canadian Dollar, reaching above the 1.3500 level. This movement in the currency pair was influenced by significant factors affecting both the US and Canadian economies.
Today, Canada is not anticipated to release any major economic data, shifting the focus primarily to external factors impacting the currency’s performance. Meanwhile, in the United States, key inflation data, specifically the Producer Price Index (PPI), exceeded expectations. This positive outcome bolstered the US Dollar, thereby strengthening the USDCAD pair.
Key Insights:
- Currency Movement: The US Dollar exhibited a notable rise against the Canadian Dollar, surpassing the 1.3500 level during Asian trading.
- Economic Data Impact: With no significant economic reports expected from Canada, attention turned to the US inflation data. The higher-than-expected PPI strengthened the US Dollar, leading to a stronger USDCAD pair.
- Trading Opportunity: Traders who anticipated the US inflation data’s impact on the currency pair could have potentially profited from the upward movement of the US Dollar against the Canadian Dollar.
Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 15/03/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3580 | Daily R2 |
| Resistance 1 | 1.3562 | Daily R1 |
| Support 1 | 1.3514 | Daily S1 |
| Support 2 | 1.3496 | Daily S2 |
USDCAD Indicator Table – 15/03/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
USDCAD Indicator / Period Table – 15/03/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Buy | Buy | Buy |
USDCAD 15/03/2024 – Reference Price : 1.3536
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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