In today’s Asian trading session, the US Dollar saw a slight increase against the Canadian Dollar, crossing the 1.3700 threshold. This movement comes at a time when both Canada and the United States have a quiet economic calendar, with no significant data expected to be released today.
The absence of major economic announcements typically results in lower volatility; however, it also provides an opportunity for traders to position themselves strategically based on global economic trends and geopolitical developments rather than domestic economic indicators.
During such periods of muted direct economic influences, advanced Artificial Intelligence (AI) technologies play a crucial role in market forecasting. Notably, traders utilizing AI have been able to navigate the markets more effectively, with some reporting a significant 34% Return on Investment within the last 24 hours, highlighting the effectiveness of AI in optimizing trading strategies during times of low data flow.
Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 19/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3829 | Daily R2 |
| Resistance 1 | 1.3807 | Daily R1 |
| Support 1 | 1.3749 | Daily S1 |
| Support 2 | 1.3727 | Daily S2 |
USDCAD Indicator Table – 19/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
USDCAD Indicator / Period Table – 19/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
USDCAD 19/04/2024 – Reference Price : 1.3785
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (3)Sell (0) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
