logo |

News

    Home   >     Industry    >     Main body

    USD/CAD Daily Forecast – U.S. Dollar Failed To Move Higher

    Abstract:USD/CAD faced resistance near 1.2750 and pulled back.

      USD/CAD

      Canadian Dollar Is Mostly Flat Against U.S. Dollar

      USD/CAD is currently testing the nearest support level at 1.2720 while the U.S. dollar is gaining ground against a broad basket of currencies.

      The U.S. Dollar Index managed to get back above the 20 EMA at 90.20 and is trying to develop additional upside momentum. The next resistance level for the U.S. Dollar Index is located at 90.50. If the U.S. Dollar Index gets to the test of this level, USD/CAD may get additional support.

      Today, U.S. reported inflation numbers that were mostly in line with analyst estimates. Inflation Rate increased by 1.4% year-over-year in December while Core Inflation Rate grew by 1.6%.

      Currently, Democrats are trying to impeach the U.S. President Donald Trump for the second time, but it should be noted that the foreign exchange market has mostly ignored the recent developments on the U.S. political front.

      Oil is swinging between gains and losses today so the Canadian dollar is left without additional support. At the same time, USD/CAD remains mostly flat despite the dollars strength against a broad basket of currencies.

      Technical Analysis

      USD to CAD is currently trying to settle below the nearest support level at 1.2720. If this attempt is successful, USD to CAD will get to the test of the next support at 1.2700. RSI is in the moderate territory so there is plenty of room to gain downside momentum in case the right catalysts emerge.

      In case USD to CAD manages to get below the support at 1.2700, it will move towards the next support level at 1.2665. A successful test of this level will push USD to CAD towards the support which is located near January lows at 1.2625.

      On the upside, the nearest material resistance level for USD to CAD is located near the 20 EMA at 1.2750. If USD to CAD settles above this level, it will head towards the next resistance at 1.2775. A move above this level will open the way to the test of the resistance at 1.2800.

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.