During today’s Asian trading session, the U.S. Dollar experienced a downturn against the Canadian Dollar, falling below the 1.3800 mark. This movement comes at a time when no significant economic announcements are expected from Canada, shifting the market focus towards upcoming economic data from the United States.
The anticipated release of U.S. Retail Sales data is drawing considerable attention. This indicator is a critical measure of consumer spending and can significantly impact currency valuations and broader market sentiments. Investors and traders are keenly awaiting this data, as it could provide insights into the economic health of the U.S. and influence the dollar’s trajectory against global currencies, including the Canadian Dollar.
Amidst these market conditions, an advanced Artificial Intelligence (AI) platform has demonstrated exceptional capability in predicting market trends. Users of this AI system have achieved remarkable success, managing to forecast the market with high accuracy and generating over 34% Return on Investment in just the last 24 hours. This tool has proved invaluable, especially on days filled with crucial economic data releases, by providing investors with the foresight needed to navigate the market effectively.
As the trading day progresses, all eyes will be on the U.S. Retail Sales figures, which are expected to shed light on the economic activities within the U.S. and potentially set the tone for the dollar’s performance in the near term. Investors are advised to stay informed and consider leveraging advanced technologies like AI to enhance their trading strategies during these pivotal moments.
Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 15/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3805 | Daily R2 |
| Resistance 1 | 1.3780 | Daily R1 |
| Support 1 | 1.3713 | Daily S1 |
| Support 2 | 1.3688 | Daily S2 |
USDCAD Indicator Table – 15/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
USDCAD Indicator / Period Table – 15/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Buy | Neutral |
| SMA 20 | Buy | Buy | Buy |
USDCAD 15/04/2024 – Reference Price : 1.3750
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
