Daily Analysis For USD/CAD  01-05-2023

Daily Analysis For USD/CAD 01-05-2023

USD/CAD Analysis
Economic Events and Scenario for USD/CAD
Economic Events : -
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - The USD/CAD pair is trading around 1.3550-60 on Monday, after experiencing its first positive day in three sessions. The pair is benefiting from the recent decline in WTI crude oil prices and the strength of the US dollar as a result of the current risk-off sentiment. However, investors remain cautious ahead of key economic data releases from the US and Canada, which could impact the direction of the pair.

Buy Scenario: - On the Buying side, a reversal could occur if the USD/CAD manages to recover and move above the 61.8% Fibo retracement at 1.3650. This could drive the pair towards the round-level resistance at 1.3700, followed by the March 22 high at 1.3745. Till we do not advise to buy USD/CAD.

Sell Scenario: - USD/CAD has experienced a significant decline after facing strong selling pressure at the 61.8% Fibonacci retracement level at 1.3650 on the four-hour chart. This has caused the Loonie pair to drop below the 20-period and 50-period Exponential Moving Averages (EMAs) at 1.3590 and 1.3566, respectively.
The Relative Strength Index (RSI) (14) has also shifted into the 40.00-60.00 range from the bullish range of 60.00-80.00, indicating a weakening bullish momentum. A break below the support at 40.00 could further strengthen the Canadian Dollar.
If the USD/CAD continues to drop, a break below the intraday low at 1.3533 could lead to a test of the psychological support level at 1.3500, followed by the 23.6% Fibonacci retracement at 1.3438. Till we do not advise to sell USD/CAD.

Support and Resistance Level: -
S1 1.3503-R1 1.3634
S2 1.3453-R2 1.3717
S3 1.3371-R3 1.3766


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