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الصفحة الرئيسية / أسعار العملات اليوم / Canadian Dollar Price Forecast – USD/CAD Sliding Towards Short-Term Support

Canadian Dollar Price Forecast – USD/CAD Sliding Towards Short-Term Support

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Canadian Dollar (CAD) Price, Chart and Analysis

  • USD/CAD sell-off nears recent support zone.
  • US Dollar likely to be steered by important data prints.

USD/CAD Drifts into Confluence Support

The Canadian Dollar gained in value against the US Dollar this week after touching a four-month high on Monday. The USD/CAD sell-off comes despite the ongoing strength in the greenback and is more of a reflection of an uptick in the price of oil over the last 5 days. The chart below shows that there has been a sell-off reaction on three prior occasions when USD/CAD hits the 1.3320 – 1.3380 zone and this week’s move may continue that pattern, especially if the oil market strengthens further.

Later in today’s session, a couple of important US data prints, with retail sales released at 13:30 GMT and the provisional University of Michigan sentiment out at 15:00 GMT. Both have the ability to move the US currency.

The daily USD/CAD chart shows a near-term support zone close by between 1.3232 and 1.3236 with the 20-day moving average marginally higher at 1.3242. This is the first time the 20-dma has been tested since January 22. Below here, the 200-dma currently sits at 1.3188. There are a few recent highs on the way back up to 1.3300 which may be difficult to overcome unless the US data drives the greenback higher.

Recommended by Nick Cawley

Traits of Successful Traders

USD/CAD Daily Price Chart (July 2019 – February 14, 2020)

canadian dollar against the us dollar

Change in Longs Shorts OI
Daily 6% 7% 7%
Weekly 15% 25% 23%

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the Canadian Dollar (CAD) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.





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