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