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

Dollar - Canadian Dollar Analysis Technical analysis 19/04/2024

Time Frame: 1 hour

USDCAD Support & Resistance Table – 19/04/2024

Support & ResistanceLevelExplanation
Resistance 21.3829Daily R2
Resistance 11.3807Daily R1
Support 11.3749Daily S1
Support 21.3727Daily S2

USDCAD Indicator Table – 19/04/2024

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

USDCAD Indicator / Period Table – 19/04/2024

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

USDCAD 19/04/2024 – Reference Price : 1.3785

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

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