In today’s Asian market session, the US Dollar saw a slight appreciation against the Canadian Dollar, crossing the 1.3600 threshold. This modest upward movement in the USD-CAD exchange rate occurred in a context of minimal economic news releases expected from either country today. The absence of major economic data from Canada and the United States has contributed to subdued trading activity, with investors likely holding their positions while awaiting more significant market catalysts.

Interestingly, in these quieter trading conditions, sophisticated AI trading tools have demonstrated their value, enabling investors to navigate the market effectively. Notably, users of this technology have reported substantial gains, with an automated system generating a remarkable 34% return on investment within just the last 24 hours by capitalizing on subtle market movements. Learn more about their approach.

Technical analysis

Dollar - Canadian Dollar Analysis Technical analysis 17/05/2024

Time Frame: 1 hour

USDCAD Support & Resistance Table – 17/05/2024

Support & ResistanceLevelExplanation
Resistance 21.3680Daily R2
Resistance 11.3663Daily R1
Support 11.3617Daily S1
Support 21.3600Daily S2

USDCAD Indicator Table – 17/05/2024

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

USDCAD Indicator / Period Table – 17/05/2024

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

USDCAD 17/05/2024 – Reference Price : 1.3638

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

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