During today’s Asian trading session, the US Dollar experienced a rise against the Canadian Dollar, crossing the 1.3600 threshold. This movement comes as investors anticipate key economic reports due out later in the day from both countries.
Canada is poised to release its latest Gross Domestic Product (GDP) figures, which will provide fresh insights into the economic health of the country. This data is crucial for traders who gauge the economic momentum and potential monetary policy adjustments by the Bank of Canada.
Simultaneously, the United States will publish its Consumer Confidence index. This indicator is a vital measure of the economic outlook from the perspective of consumers and can significantly influence market sentiment. A robust consumer confidence report could bolster the US Dollar further, as it suggests continued economic resilience and spending power among Americans.
The intersection of these significant economic reports from North America could lead to heightened volatility in the USD/CAD currency pair. Investors are advised to watch these developments closely, as they could offer valuable cues on the future direction of these currencies.
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Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 30/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3737 | Daily R2 |
| Resistance 1 | 1.3718 | Daily R1 |
| Support 1 | 1.3666 | Daily S1 |
| Support 2 | 1.3647 | Daily S2 |
USDCAD Indicator Table – 30/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
USDCAD Indicator / Period Table – 30/04/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
USDCAD 30/04/2024 – Reference Price : 1.3694
| BUY | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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