ADS Securities: How did US Syria Missile Launch impact USDCAD?

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.

US Syria Missile Launch impact USDCAD

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