Loonie is turning away from the bears’ territory of below 1.3370. Meanwhile, ADS Securities’ analysts expect a Bullish USDCAD above 1.3400. Will USDCAD breakout ahead the US GDP data?
29 March, ADS Securities – Yesterday, US Dollar posted marginal gains against its Canadian counterpart, as early gains in Loonie supported by rising crude oil prices were offset by positive macroeconomic data from the US. At present, the price action appears to be bullish, as the pair is trading above its short-term and long-term EMAs.
Bullish USDCAD above 1.3400
Moreover, a recent signal line crossover from below by the daily MACD, further affirms the above stance. Key resistance is situated at the 1.3400 level, a breakout above which might lead to further acceleration to the upside, clearing the way for the 1.3415 and 1.3425 levels.
On the other hand, key support is situated at the 1.3375 where 55 EMA is placed, followed by the 1.3370 where EMA 200 is trading and 1.3355 levels. A breach below the latter might trigger bearish momentum in the pair.
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