Loonie has been on the rally for five straight sessions. Now, ADS Securities' analysts eye the Key Canadian Dollar support levels ahead economic data.
13 April, ADS Securities – The Canadian Dollar surged against its US counterpart for the fifth consecutive session yesterday driven by Bank of Canada’s (BoC) decision to keep the key interest rate steady. Additionally, the central bank upgraded its projection for the Canadian economy for 2017.
Key Canadian Dollar support levels ahead economic data
Currently, the overall intraday technical outlook appears to be bearish on the 1H chart, as investors await Canada’s new house price index and manufacturing shipments data to be released today. Additionally, the MACD indicator is grinding lower, further verifying the above view.
Important support is seen at the 1.3210 level, a breach below which might lead to further weakness in the pair clearing the way for the 1.3175 and 1.3070 levels as the next potential supports. On the flipside, key resistance is located at the 1.3315 level, followed by the 1.3380 and 1.3480 levels.
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.