Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- USDCAD Daily Outlook

Intraday bias - Bearish

 

USDCAD is trading weak despite dismal Canadian employment data. It dropped -39.7k in Aug much below expectations of 15k and the unemployment rate jumped to 5.4% from 4.9%. it hits an intraday low of 1.29797 and is currently trading around 1.29787.

 

Technically in the 4-Hour chart, the pair is holding below the short-term( 21- EMA),  55- EMA, and above the long-term moving average of 200 EMA (1.299714). Any violation below 1.29700 confirms further bearishness. A decline to 1.2925/1.2880 is possible.

 

WTI crude oil recovered sharply after hitting a multi-month low of $81.21. Any breach above $90.50 confirms further bullishness.  

 

The near-term resistance is around 1.3020, and any breach above targets 1.3070/1.3148/1.3220.

 

Indicators (4 Hour chart)

 

CCI (50)- Bearish

 

ADX- Bearish

 

It is good to sell on rallies around 1.3000 with SL around 1.30560 for TP of 1.2880.

 

 

  • Market Data
Close

Welcome to EconoTimes

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