24.03.2023 03:31 PM
USD/CAD outlook for March 24, 2023

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Today, the focus of market participants following the Canadian dollar quotes will be the release (at 12:30 GMT) of retail sales report by Statistics Canada. And this will be perhaps the last important information on the Canadian dollar this month. Next week, the dynamics of the USD/CAD pair will be mainly determined by the dynamics of the U.S. dollar.

From a technical point of view, the pair remains in the long-term bull market zone above the key support levels 1.3450 (144 EMA on the daily chart and the 23.6% Fibonacci level in the last strong wave of growth from 0.9700 to 1.4600), 1.3365 (200 EMA on the daily chart), 1.3310 (50 EMA on the weekly chart).

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Long positions remain preferable, despite the apparent overbought nature of the pair.

Alternatively, the signal for opening short positions could be a breakdown of the important short-term support level 1.3708 (200 EMA on the 1-hour chart) and the support level 1.3700, which is the line of balance.

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In this case, a decrease to the lower border of the range and levels of 1.3625, 1.3600 is possible, from which it is possible to increase long positions and place pending orders to buy.

Support levels: 1.3708, 1.3700, 1.3625, 1.3600, 1.3500, 1.3450, 1.3400, 1.3365, 1.3310, 1.3280, 1.3200, 1.3030

Resistance levels: 1.3800, 1.3860, 1.3900, 1.3970, 1.4000

Trading scenarios

Sell Stop 1.3760. Stop-Loss 1.3810. Take-Profit 1.3708, 1.3700, 1.3625, 1.3600, 1.3500, 1.3450, 1.3400, 1.3365, 1.3310, 1.3280, 1.3200, 1.3030

Buy Stop 1.3810. Stop-Loss 1.3760. Take-Profit 1.3860, 1.3900, 1.3970, 1.4000

Jurij Tolin,
Analytical expert of InstaForex
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