empty
 
 
29.03.2023 03:00 PM
USD/CAD outlook for March 29, 2023

This image is no longer relevant

After breaking through the important short-term support levels 1.3715, 1.3680 (200 EMA on the 1-hour chart), 1.3630 (200 EMA on the 4-hour chart), USD/CAD is trying to develop a downward dynamic. Our hopes for a rebound from the levels of 1.3630, 1.3600 did not come true—not just yet. Still, we keep previously opened long positions on the pair, also keeping limiting stops below 1.3570 and counting on a pullback: the 1.3600 level is an important support level (50 EMA on the daily chart), and the medium-term and global trends still remain bullish.

The signal for the resumption of long positions could be a return to the area above this level, and above 1.3630, we would place pending buy orders.

This image is no longer relevant

Long positions remain preferable, despite the current downward correction.

In an alternative scenario, and if the U.S. dollar gives a reason to do so, USD/CAD will continue to decline. In this case, and appealing to this scenario, short positions can be opened at the current price but with short limiting stops above 1.3616 (today's high).

The most optimistic forecast for the sellers of the pair is a decline to the support level 1.3450 (144 EMA on the daily chart and 23.6% Fibonacci level in the last strong growth wave from 0.9700 to 1.4600). A breakdown of the key support levels 1.3370 (200 EMA on the daily chart) and 1.3320 (50 EMA on the weekly chart) may jeopardize the long-term bullish trend of the pair.

This image is no longer relevant

As for today's news, which may increase volatility in the USD/CAD pair, it is worth paying attention to the publication of U.S. Pending Home Sales Index (one of the most important indicators characterizing activity in the U.S. real estate sector) at 14:00 UTC, and the speech of Bank of Canada Deputy Governor Toni Gravelle, who is involved in monetary policy decisions, at 13:30 UTC. His unorthodox statements, if made, regarding the parameters of the current monetary policy in Canada, will cause an increase in volatility in the quotes of the Canadian dollar and hence in the USD/CAD pair.

Support levels: 1.3570, 1.3500, 1.3450, 1.3400, 1.3370, 1.3320, 1.3200, 1.3030

Resistance levels: 1.3600, 1.3616, 1.3630, 1.3682, 1.3700, 1.3715, 1.3810, 1.3860, 1.3900, 1.3970, 1.4000

Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN
  • Chancy Deposit
    Deposit akaun anda sebanyak $3,000 dan dapatkan $1000 lebih lagi!
    Dalam Oktober kami membuat cabutan bertuah $1000 dalam Kempen Chancy Deposit!
    Dapatkan peluang untuk menang dengan membuat deposit $ 3000 ke dalam akaun dagangan. Setelah memenuhi syarat ini, anda menjadi peserta kempen.
    SERTAI PERADUAN
  • Trade Wise, Win Device
    Daftar untuk peraduan dan tambah dana akaun anda dengan sekurang-kurangnya AS$ 500 untuk layak memenangi peranti mudah alih.
    SERTAI PERADUAN
  • Bonus 100%
    Peluang istimewa anda untuk menerima bonus 100% pada deposit anda
    DAPATKAN BONUS
  • Bonus 55%
    Dapatkan bonus 55% pada setiap deposit anda
    DAPATKAN BONUS
  • Bonus 30%
    Dapatkan bonus 30% setiap kali anda membuat penambahan dana akaun anda
    DAPATKAN BONUS

Artikel yang dicadangkan

Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget