Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD poised at critical support, looking vulnerable

• USD/CAD traded  near 5 month -low on Thursday as   investors closely monitored trade negotiations in Washington.

• U.S. President Donald Trump unexpectedly joined trade talks in Washington on Wednesday with a Japanese delegation, later stating that "big progress" had been made in discussions with Japan's lead negotiator, Ryosei Akazawa.

• Markets are closely monitoring the shifting trade policies under the Trump administration, with investors anticipating potential agreements between the U.S. and its global trade partners.

• The dollar has taken a hit amid tariff-driven market turmoil, as concerns over economic growth continue to weigh on investor sentiment.

•  Immediate resistance is located at 1.3967 (April 16th high), any close above will push the pair towards 1.4023(38.2%fib).

• Support is seen at 1.3847(23.6%fib) and break below could take the pair towards 1.3798(Lower BB).

Recommendation: Good to sell around 1.3880, with stop loss of 1.4050 and target price of 1.3800

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.