During today’s Asian trading session, the US Dollar saw a slight increase against the Canadian Dollar, positioning itself above the 1.3600 mark. This subtle movement signals cautious anticipation among investors ahead of critical economic data releases scheduled for later in the day.
From Canada, the spotlight is on the Retail Sales figures, a key indicator of consumer spending, which could influence market sentiment regarding the economic outlook for the country. Meanwhile, in the United States, traders are gearing up for the release of the Durable Goods Orders data, a vital measure of economic health that reflects new orders placed with manufacturers for delivery of factory hard goods.
Such data points are pivotal for market participants as they provide insights into the economic dynamics of both countries and could potentially sway the currency exchange rates significantly. During these times, employing advanced Artificial Intelligence (AI) in trading can offer substantial advantages. Impressively, investors using AI technologies have reported achieving a 34% Return on Investment in just the past 24 hours, demonstrating the power of AI to adapt strategies based on predictive market analysis.
Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 24/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3705 | Daily R2 |
| Resistance 1 | 1.3686 | Daily R1 |
| Support 1 | 1.3634 | Daily S1 |
| Support 2 | 1.3615 | Daily S2 |
USDCAD Indicator Table – 24/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Buy |
USDCAD Indicator / Period Table – 24/04/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Neutral | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
USDCAD 24/04/2024 – Reference Price : 1.3662
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (1) |
👉Explore AI-powered Automated Trading Today! Register for a free trial now!
✅Read about the automated trading software on Investing.com
