USDCAD is recovering, but there is no clear signal for growth yet


Current dynamics

Today, during the Asian session, the USD / CAD pair is actively growing, recovering from a confident decline last Wednesday, when investors reacted to Janet Yellen’s speech in the US Senate.

Moderate support for the American currency, in addition to technical factors of correction, is provided by the positive macroeconomic statistics from the US, published yesterday. In particular, traders were optimistic about the further decline in the dynamics of applications for unemployment benefits. The Canadian ADP employment report for December reflected a decrease in the number of new jobs by 28.8 thousand, which was significantly better than last month’s data, when the drop was 219.8 thousand.

On Friday, the focus of investors’ attention is the US statistics on business activity in the manufacturing and services sectors for January from Markit. In Canada, there are November data on the dynamics of retail sales.

Support and resistance levels

On the daily chart, Bollinger Bands are turning into a horizontal plane. The price range is slightly widening in response to the sharp decline in the instrument on Wednesday. The MACD indicator turned in the direction of growth, however, formally, a buy signal (the histogram should be above the signal line) has not yet formed. Stochastic maintains a confident downward trend and practically does not react to an attempt at corrective growth at the end of the week.

It is necessary to wait for the clarification of signals from technical indicators to open new trading positions in the market.

  • Resistance levels: 1.2700, 1.2738, 1.2766, 1.2800
  • Support levels: 1.2664, 1.2622, 1.2589, 1.2550

  • How to manage deals? 17 methods from a practicing trader. Read life hack

Market forecasts, analytics and stock news

Libertex [CPS] WW

xemarketsforex

xemarketsforex

MTP Procurement Management Procurement Bidding SRM Cost Optimization Team Management Cost Management SAP ERP Management Skills SAP ERP 1C Supply Control SAP / SRM SAP / R3 Analytical Thinking Working with Suppliers Result Oriented System Thinking Process Management Strategic Planning Project Management MsOffice Negotiations with company top officials Organization of procurement procedures Oil trading

Read Previous

Technical analysis of GOLD 01/22/2021

Read Next

There is less and less confidence in the continuation of the Bitcoin rally