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FxWirePro: USD/CAD consolidating around 1.3518, bias is bullish

  • The USD/CAD pair rose on Monday as Canadian dollar came under pressure from falling oil prices and dollar recovered after France's presidential election first-round win for the market's preferred candidate.
     
  • Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting and qualifying for a May 7 runoff alongside far-right leader Marine Le Pen.
     
  • Oil prices continued to decline after last week's selloff, weighed by signs U.S. production and inventory growth were offsetting OPEC's attempts to reduce a persisting global glut.
     
  • Short dip around 1.3450 should be viewed as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
     
  • Immediate support can be seen at 1.3446, break below this level will expose the pair to next support level at 1.3400.
     
  • Immediate resistance can be seen at 1.3522, break above this level will expose the pair towards 1.3592 levels.

    Resistance Levels

    R1: 1.3522 (50% Retracement level)

    R2: 1.3592 (38.2% Retracement level)

    R3: 1.3681 (23.6% Retracement level)

    Support Levels

    S1: 1.3446 (61.8% Retracement level)    

    S2: 1.3400 (Psychological levels)

    S3: 1.3340 (April 7th lows)
  • Market Data
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