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.
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