During the latest trading session in Asia, the US Dollar observed a marginal increase in its value against the Canadian Dollar, with the exchange rate crossing the 1.3600 threshold. This subtle movement in the forex market hints at underlying market sentiments and potential anticipations among investors.
On this day, neither Canada nor the United States are slated to unveil any major economic data, presenting a quiet day on the economic announcements front. This absence of immediate economic indicators may lead market participants to focus more on broader economic trends, geopolitical developments, and upcoming data releases for cues on future currency movements.
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This examination not only sheds light on the current dynamics between the US Dollar and the Canadian Dollar but also emphasizes the transformative role of technology in enriching market analysis and enhancing investor outcomes.
Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 08/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3649 | Daily R2 |
| Resistance 1 | 1.3627 | Daily R1 |
| Support 1 | 1.3569 | Daily S1 |
| Support 2 | 1.3547 | Daily S2 |
USDCAD Indicator Table – 08/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Buy |
USDCAD Indicator / Period Table – 08/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| SMA 20 | Buy | Buy | Buy |
USDCAD 08/04/2024 – Reference Price : 1.3601
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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