USD CAD today shows sideways auction above resistance level near 1.3600 in Asia session. Loonie asset has turned sideways ahead of Jerome Powell testimony and weak oil prices. Today's forex news we summarize from fxstreet.com site.


USD CAD today

Investors refrain from going all-in as Fed comments will determine the further direction of the FX domain. DXY is expected to extend its decline to the critical support level of 104.00 amid the risk-on market mood. The S&P 500 stocks gained after Monday’s weakness amid improved risk appetite of market participants. This week, the BoC interest rate decision is the main focus. Governor Tiff Macklem of the BoC has announced a pause in policy tightening as he believes that the monetary policy is currently tight enough to bring down the stubborn inflation in Canada. The Horizon resistance is placed from the February 24 high of 1.3665, while the upward sloping trendline is plotted from the February 27 low of 1.3534. The Ascending triangle pattern indicates a contraction in volatility, which is followed by wide ticks and heavy volume after the burst. The 200-period EMA is located at 1.3580 and provides support to the US dollar’s ​​rise. The oscillation range of 40.00-60.00 by RSI 14 shows no potential trigger. The Loonie asset is expected to add more gains after surpassing the high of February 24 at 1.3665 which will push the asset to the horizontal resistance level plotted from the high of December 7 located around 1.3700 followed by the high of November 3 around 1.3800. Alternatively, a break below the high of February 6 located around 1.3474 will drag the asset near the high of January 26 located around 1.3408. A slippage below the same level will see the asset to the low of February 16 located around 1.3357.


Warning!

This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.

 

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