During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
USD/CAD is over 1.21 after BoC
2021-06-10 • Updated
Chart H4
Daily chart
The Bank of Canada decided to keep the current policy unchanged as widely expected. However, the bank did not mention anything about tapering again in July. Moreover, the statement mentioned that the recovery still needs an extraordinary stimulus. This was enough to ease the downside pressure on USD/CAD. The pair managed to stabilize and bounced back right from our long entry at 1.2060 all the way to as high as 1.2125 earlier this morning. For the time being, we maintain our bullish outlook and our targets remain at 1.2145 followed by 1.22.
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
1.1978 |
1.2037 |
1.2074 |
1.2096 |
1.2133 |
1.2155 |
1.2214 |
Similar
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...