ADS Securities: Important levels post USDCAD upside failure


ADS Securities’ analysts adopted a bullish stance on cable, after pair was falling for past two sessions. See important levels post USDCAD upside failure.

5 April, ADS Securities – The Canadian Dollar lost ground against its US counterpart in the prior session after the Canadian economy recorded an unexpected trade deficit in February, driven by a decline in exports. The USDCAD pair finished at 1.3401, after trading as high as 1.3455.

USDCAD upside failure

At present, the pair is trading with an upside tone on the 1H chart, reflecting at a positive technical picture. Moreover, the MACD indicator is treading water above its centreline, further validating the above view. Key resistance aligns around the 1.3415 level, a break above which might trigger further strength in the pair, clearing the way for the 1.3425 and 1.3435 levels as the next upside targets.

Meanwhile, important support is situated at the 1.3385 where EMA 55 is trading, followed by the 1.3375 and 1.3365 where EMA 200 is placed. A breach below the latter might lead to weakness in the pair.

USDCAD upside failure

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