During the Asian trading session, the US Dollar edged slightly higher against the Canadian Dollar, surpassing the 1.3700 mark. The focus is now on the U.S. as it prepares to release Initial Jobless Claims data later today. This release is eagerly anticipated as it could provide new insights into the current employment landscape in the United States and potentially influence monetary policy decisions. Meanwhile, no significant economic announcements are expected from Canada today, leaving the currency’s movements primarily influenced by external factors and market sentiment.
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Technical analysis
Time Frame: 1 hour
USDCAD Support & Resistance Table – 09/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.3775 | Daily R2 |
| Resistance 1 | 1.3756 | Daily R1 |
| Support 1 | 1.3702 | Daily S1 |
| Support 2 | 1.3683 | Daily S2 |
USDCAD Indicator Table – 09/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Neutral |
USDCAD Indicator / Period Table – 09/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
USDCAD 09/05/2024 – Reference Price : 1.3726
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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