USD / CAD ends week with flat dynamics – ForTrader.org financial magazine


Current dynamics

Today during the Asian session, the USD / CAD pair is growing slightly, compensating for the decline the day before, which did not allow the formation of a corrective uptrend in the ultra-short term.

The positive macroeconomic statistics released yesterday from the US on the dynamics of applications for unemployment benefits supported the “bullish” sentiment for the dollar, however, the growth of the American currency was still limited by the unclear prospects of the US FRS monetary policy. Despite the fact that a number of bank representatives admitted that they are ready to discuss the curtailment of stimulating measures, the department does not plan to rush with them.

On Friday, the market expects the publication of a block of macroeconomic statistics from the United States on the dynamics of personal income and spending for April, which may hint at the future policy of the American regulator.

Support and resistance levels

On the daily chart, Bollinger Bands are turning into a horizontal plane. The price range practically does not change, but it remains spacious enough for the current level of activity for the instrument. The MACD indicator is growing, maintaining a relatively strong buy signal (the histogram is above the signal line). The stochastic demonstrates a similar dynamics, being located approximately in the center of its working area, however, its current readings are weakly correlated with the real dynamics in the market.

Technical indicators do not contradict the possible resumption of the correctional growth of the US currency in the nearest time intervals.

Resistance levels: 1.2143, 1.2200, 1.2245, 1.2300

Support levels: 1.2060, 1.2000, 1.1930

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