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

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