Daily Analysis For USD/CAD 03-05-2023

Daily Analysis For USD/CAD 03-05-2023

USD/CAD Analysis
USD/CAD
Economic Events and Scenario for USD/CAD
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Ai Group Industry IndexMediumAUD
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:00(Australia) Ai Group Construction IndexLowAUD
00:00(Australia) Ai Group Manufacturing IndexLowAUD
01:00(China) May DayNoneCNY
01:00(Japan) Constitution Memorial DayNoneJPY
02:30(Australia) Retail Sales MoMHighAUD
02:30(Australia) RBA Chart PackLowAUD
07:45(France) Budget BalanceLowEUR
09:00(Italy) Unemployment RateHighEUR
10:00(Cyprus) Unemployment RateLowEUR
10:00(Euro Area) Unemployment RateHighEUR
10:00(France) New Car Registrations YoYLowEUR
10:00(United Kingdom) 2-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 7-Year Bund AuctionLowEUR
11:00(Belgium) New Car Registrations YoYLowEUR
11:00(Portugal) Industrial Production YoYLowEUR
11:00(Portugal) Industrial Production MoMLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
11:30(Portugal) Budget BalanceLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
12:30(Germany) New Car Registrations YoYLowEUR
13:15(United States) ADP Employment ChangeHighUSD
14:30(United States) Treasury Refunding AnnouncementLowUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:00(United States) ISM Non-Manufacturing PricesLowUSD
15:00(United States) ISM Non-Manufacturing New OrdersLowUSD
15:00(United States) ISM Non-Manufacturing EmploymentMediumUSD
15:00(United States) ISM Non-Manufacturing PMIHighUSD
15:00(United States) ISM Non-Manufacturing Business ActivityLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
19:00(United States) Fed Interest Rate DecisionHighUSD
19:30(United States) Fed Press ConferenceHighUSD
23:45(New Zealand) Building Permits MoMLowNZD
Today's Scenario: - During the early hours of Wednesday's Asian trading session, the USD/CAD pair is trading between 1.3625-1.3630, after experiencing its largest daily increase in a week. Investors are waiting for important US data and events. The decline in WTI crude oil prices, Canada's primary export, and the risk-off sentiment in the market supported the pair's rise on the previous day.
Buy Scenario: - Currently, the USD/CAD pair is approaching a critical supply zone between 1.3648-1.3667, after finding buying interest near the demand zone ranging between 1.3525-1.3556. The Loonie pair has risen above the 20-period Exponential Moving Average (EMA) at 1.3588, indicating a short-term bullish trend.
The Relative Strength Index (RSI) (14) has rebounded and is attempting to break above the 60.00 level, which would trigger the bullish momentum.
If the pair breaks above the April 28 high at 1.3668, USD bulls may push it towards the round-level resistance at 1.3700. Breaking above this level would expose the asset to the March 22 high at 1.3745. Till we do not advise to buy USD/CAD.
Sell Scenario: - On the downside, if the asset falls below the May 02 low at 1.3529, it may find support at the psychological level of 1.3500, followed by the February 21 low at 1.3441. Till we do not advise to sell USD/CAD.
Support and Resistance Level: -
SupportResistance
S1 1.3557-R1 1.3666
S2 1.3488-R2 1.3706
S3 1.3448-R3 1.3775

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