In the previous session, the CAD was supported by the rising oil prices. Today, ADS Securities analysis shows how did US Syria Missile Launch impact USDCAD.
7 April, ADS Securities – The Canadian Dollar traded firmer against its US counterpart yesterday buoyed by a rise in crude oil prices.
How did US Syria Missile Launch impact USDCAD?
On the 1H chart, the Loonie is trading with a bullish tone, as oil prices jumped after US launched multiple air strikes at an air base in Syria. Additionally, the MACD indicator is trading in the negative territory, further validating the above stance. Moreover, investors would watch out for Canada’s unemployment data to be released later in the day.
Key support is placed at the 1.3395 level, a breach below which might lead to further acceleration towards downside, paving the way for the 1.3385 where EMA 200 is trading and 1.3375 levels. On the flipside, key resistance is trading at the 1.3415 where EMA 55 is situated, followed by the 1.3425 and 1.3430 levels. A move back above the latter might trigger bullish potential in the pair.
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