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:

  1. Currency Movement: The US Dollar exhibited a notable rise against the Canadian Dollar, surpassing the 1.3500 level during Asian trading.
  2. 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.
  3. 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

Dollar - Canadian Dollar Analysis Technical analysis 15/03/2024

Time Frame: 1 hour

USDCAD Support & Resistance Table – 15/03/2024

Support & ResistanceLevelExplanation
Resistance 21.3580Daily R2
Resistance 11.3562Daily R1
Support 11.3514Daily S1
Support 21.3496Daily S2

USDCAD Indicator Table – 15/03/2024

SMA 20Buy
SMA 50Buy
SMA 100Buy
MACD( 12;26;9)Neutral
RSI (14)Buy
Stochastic ( 9;6;3)Buy

USDCAD Indicator / Period Table – 15/03/2024

Indicator / PeriodDay – BuyWeek – BuyMonth – Buy
MACD( 12;26;9)NeutralBuyBuy
RSI (14)BuyNeutralNeutral
SMA 20BuyBuyBuy

USDCAD 15/03/2024 – Reference Price : 1.3536

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (1)

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