ADS Securities: Bullish USDCAD above 1.3360

USDCAD pair has lost some steam due to higher oil prices. Nevertheless, ADS Securities’ analysts forecast Bullish USDCAD above 1.3360.

31 March, ADS Securities – Yesterday, the US Dollar traded firmer against its Canadian counterpart, as the US economy rose at a slightly faster pace than previously estimated during the fourth quarter, driven by strong consumer spending. However, gains were trimmed by a jump in oil prices.

Bullish USDCAD above 1.3360

On the 1H chart, the pair trading in a tight range, as traders await Canadian GDP to be released today. However, a recent positive centreline crossover by the MACD, suggests a likely positive intraday technical picture. Immediate resistance is positioned at the 1.3350 level, followed by the 1.3355 and 1.3360 where EMA 200 is trading.

A breakout above the latter might generate further bullishness in the pair. On the contrary, key support aligns at the 1.3330 level, followed by the 1.3320 and 1.3315 levels.

Bullish USDCAD above 1.3360

ADS Securities Risk Disclaimer

This technical analysis about USDCAD is intended solely for the person or entity to whom it is addressed. Such person or entity is prohibited from disseminating, distributing, transmitting or forwarding this communication to any other person or entity. Also, this communication may not be used in whole or in part by any person or entity. Which it was not originally directed to by ADS Securities LLC (“ADSS”, “us” or “we”). Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

    Share Your Opinion, Write a Comment