Abstract:Intraday bias in USD/CAD remains neutral for consolidation above 1.3405 temporary low. Upside of recovery should be limited by 1.3563 resistance to bring another fall.
USDCAD Analysis
Intraday bias in USD/CAD remains neutral for consolidation above 1.3405 temporary low. Upside of recovery should be limited by 1.3563 resistance to bring another fall. Break of 1.3405 will resume the decline from 1.3860, as the third leg of the corrective pattern from 1.3976, to 1.3224/61 support zone. Strong support should be seen around there to bring rebound.
OPEC cut oil output in a shock move, which creates more demand for the commodity. If the market demand for Oil decreases, OPEC will cut production, meaning theres less Oil and higher prices. The higher prices of Oil have caused uncertainty in the market, as this could lead to global inflation rising again. Central Banks will not want to see this and may have to use the tools at their disposal to combat rising inflation rates.
USDCAD is trading within a larger time frame range between the highs of 1.3850 and the lows of 1.3250. Price has recently broken down through supporting lows at 1.3500 and retested it on the other side as resistance. If the price fails to trade above this level, the bearish momentum could continue. Sellers may look to be targeting the range lows of 1.3250. The daily time frame shows price closing back within the previous days range, this could be a bearish sign for price, as it shows a lack of buying intent.
USDCAD
The price on the chart has traded through multiple technical levels and some observations included:
• Price is trading within a range at 1.3850 and 1.3250.
• Price has recently found resistance at 1.3500.
• The daily candle shows a lack of intent from buyers.
• Sellers could look to target the recent swing lows
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Recently, WikiFX Forex Rights Protection Day has received extensive attention and heated discussions within the industry. This rights protection campaign, initiated by WikiFX, aims to expose illegal platforms through user submissions, safeguard the fairness, transparency, and standardization of the forex market, and create a safe and reliable trading environment for investors. As the event progresses, its influence continues to expand, drawing coverage from numerous globally renowned media outlets.
On Saturday, Iran retaliated against a suspected Israeli attack on its Syrian consulate by launching missiles and explosive drones at Israel, marking its initial direct assault on Israeli soil. This incident prompted a surge in gold prices on Monday as investors sought safe havens amid rising concerns about a broader regional conflict, leaving traders apprehensive about the future.
In this article, we will look in-depth at ZFX, examining its key features.
The article suggests positive prospects for Malaysia's Ringgit (MYR) based on projections by BMI, indicating potential strengthening trends in the latter half of 2024 and early 2025. Factors such as anticipated policy relaxation, stability in yield differentials, and favourable external conditions contribute to this outlook. However, whether this constitutes "good news" for the MYR ultimately depends on various factors, including economic performance, policy decisions, and external developments, which may impact currency movements.