Technical Analysis

USD/CAD consumers look to grab management, worth makes an attempt break of the 100-day transferring common

Can consumers efficiently discover a break above the important thing stage?

USD/CAD D1 07-02
ForexLive

The pair is discovering strong momentum to start the brand new buying and selling day as worth is buying and selling on the highs now above the 100-day MA (crimson line) @ 1.3220 in addition to the September excessive of 1.3226. The previous can be a key stage to be careful for in buying and selling at present. If consumers maintain above that, the bias/momentum within the pair will flip extra bullish.

Oil is struggling a bit of buying and selling close to the lows, falling by zero.5% at present to $53.74, so that isn’t actually serving to the loonie. That mentioned, I keep that oil ought to nonetheless commerce narrowly on condition that we’re nonetheless ready on extra developments to come back earlier than the OPEC+ assembly in April. Manufacturing cuts and Venezuela sanctions have helped underpin costs in direction of the $55 deal with however merchants are struggling to search out conviction to interrupt increased so worth might settle between $50 and $55 till we get new drivers of course.

As for USD/CAD, buying and selling appears to be extra technically centered in the interim as worth momentum now shifts in direction of favouring the upside after consumers held a protection of the trendline help close to 1.3060 final Friday.

Ought to worth verify a every day break above the 100-day MA, upside potential within the pair appears enticing with additional resistance solely seen across the July highs @ 1.3290 earlier than swing highs round 1.3320 and 1.3360 come into play.

As soon as once more although, the caveat right here can be developments in US-China commerce talks so maintain a watch out on that. However as talked about earlier than, the extra that sits in limbo, it ought to nonetheless maintain the greenback favoured in the interim.


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