Canadian Dollar Price Forecast – USD/CAD Sliding Towards Short

Canadian Dollar (CAD) Price, Chart and Analysis

  • USD/CAD sell-off nears new support zone.
  • US Dollar expected to be directed by critical information prints.

USD/CAD Drifts into Confluence Support

The Canadian Dollar gained in value opposite a US Dollar this week after touching a four-month high on Monday. The USD/CAD sell-off comes notwithstanding a ongoing strength in a greenback and is some-more of a thoughtfulness of an uptick in a price of oil over a final 5 days. The draft next shows that there has been a sell-off greeting on 3 before occasions when USD/CAD hits a 1.3320 – 1.3380 section and this week’s pierce might continue that pattern, generally if a oil marketplace strengthens further.

Later in today’s session, a integrate of critical US information prints, with sell sales expelled during 13:30 GMT and a provisional University of Michigan perspective out during 15:00 GMT. Both have a ability to pierce a US currency.

The daily USD/CAD draft shows a near-term support section tighten by between 1.3232 and 1.3236 with a 20-day relocating normal marginally aloft during 1.3242. This is a initial time a 20-dma has been tested given Jan 22. Below here, a 200-dma now sits during 1.3188. There are a few new highs on a approach behind adult to 1.3300 that might be formidable to overcome unless a US information drives a greenback higher.

Traits of Successful Traders
Traits of Successful Traders

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

canadian dollar opposite a us dollar

Traders might be meddlesome in dual of a trade guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are expected to be meddlesome in a latest Elliott Wave Guide.

What is your perspective on the Canadian Dollar (CAD) – bullish or bearish?? You can let us know around a form during a finish of this square or we can hit a author around Twitter @nickcawley1.