During the Asian trading session, the US Dollar observed a downtrend against the Canadian Dollar, settling below the 1.3700 threshold. This movement highlights a day of lesser activity in terms of scheduled economic releases, with both Canada and the United States not poised to publish any major economic indicators today.
This stagnation in data release often leaves traders scrutinizing global economic cues and market sentiment to guide their strategies. Without significant economic updates, currency values are frequently influenced by broader market dynamics or shifts in commodity prices, which are particularly relevant for the Canadian dollar due to Canada’s substantial commodity-based economy.
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Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 29/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3690 | Daily R2 |
| Resistance 1 | 1.3670 | Daily R1 |
| Support 1 | 1.3616 | Daily S1 |
| Support 2 | 1.3596 | Daily S2 |
USDCAD Indicator Table – 29/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
USDCAD Indicator / Period Table – 29/04/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Sell | Neutral | Buy |
| SMA 20 | Sell | Buy | Buy |
USDCAD 29/04/2024 – Reference Price : 1.3643
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (3) |
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