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.
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