Daily Analysis For USD/CAD 05-04-2023

Daily Analysis For USD/CAD 05-04-2023

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) Qingming FestivalNoneCNY
01:01(Ireland) AIB Services PMILowEUR
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
02:30(Australia) RBA Chart PackLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
03:30(Australia) RBA Gov Lowe SpeechHighAUD
07:00(Germany) Factory Orders MoMMediumEUR
07:45(France) Industrial Production MoMMediumEUR
08:00(Spain) Industrial Production YoYLowEUR
08:15(Spain) S&P Global Composite PMILowEUR
08:15(Spain) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Services PMIHighEUR
08:45(Italy) S&P Global Composite PMILowEUR
08:50(France) S&P Global Services PMIMediumEUR
08:50(France) S&P Global Composite PMILowEUR
08:55(Germany) S&P Global Services PMIHighEUR
08:55(Germany) S&P Global Composite PMILowEUR
09:00(Germany) New Car Registrations YoYLowEUR
09:00(Euro Area) S&P Global Composite PMILowEUR
09:00(Euro Area) S&P Global Services PMIHighEUR
09:00(United Kingdom) New Car Sales YoYLowGBP
09:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
09:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Italy) Retail Sales YoYHighEUR
10:00(Italy) Retail Sales MoMHighEUR
10:00(Cyprus) Construction Output YoYLowEUR
10:00(Cyprus) Current AccountLowEUR
10:30(Germany) 7-Year Bund AuctionLowEUR
11:00(Luxembourg) Inflation Rate YoYLowEUR
11:00(Luxembourg) Inflation Rate MoMLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Ireland) Unemployment RateLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:15(United States) ADP Employment ChangeHighUSD
13:30(Canada) ImportsLowCAD
13:30(Canada) ExportsLowCAD
13:30(Canada) Balance of TradeHighCAD
13:30(United States) ExportsMediumUSD
13:30(United States) ImportsMediumUSD
13:30(United States) Balance of TradeHighUSD
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 Business ActivityLowUSD
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(Euro Area) ECB Lane SpeechLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks 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
17:00(Canada) 10-Year Bond AuctionLowCAD
Today's Scenario: - The USD/CAD pair has recently made a slight recovery towards 1.3450, supported by a small rebound in the US Dollar index (DXY). The Canadian dollar is currently attempting to regain the high seen on Tuesday at 1.3465.
Buy Scenario: - The USD/CAD pair has shifted from a neutral to a neutral-downward bias after breaking below the 50 and 100-day Exponential Moving Averages (EMAs) at 1.3571 and 1.3515. This has opened the door for further losses, with sellers aiming for a challenge of the 200-day EMA at 1.3372. However, a spinning top has formed, indicating a pause in selling pressure before a potential continuation of lower prices. Till we do not advise to buy USD/CAD.
Sell Scenario: - If USD/CAD drops below this week's low of 1.3405, it could test the 200-day EMA and potentially dive towards the year-to-date low at 1.3262. On the other hand, if the pair rebounds at the 200-day EMA, it could strengthen towards the 1.3400 area. A decisive break above this level could lead to a rally towards the 100 and 50-day EMAs before challenging the 20-day EMA at 1.3584. The upside risks for the pair lie at 1.3600. Till we do not advise to sell USD/CAD.
Support and Resistance Level: -
SupportResistance
S1 1.3411-R1 1.3473
S2 1.3378-R2 1.3501
S3 1.3350-R3 1.3535

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;