Daily Analysis For USD/CAD 14-04-2023

Daily Analysis For USD/CAD 14-04-2023

USD/CAD Analysis
USD/CAD
Economic Events and Scenario for USD/CAD
Economic Events : -
GMTEventImpactCurrency
01:00(Cyprus) Good FridayNoneEUR
01:00(Greece) Orthodox Good FridayNoneEUR
01:00(Montenegro) Good FridayNoneEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
06:00(Finland) GDP YoYLowEUR
06:00(Finland) CPILowEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:30(Switzerland) Producer & Import Prices MoMLowCHF
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:45(France) Inflation Rate YoYMediumEUR
07:45(France) Inflation Rate MoMMediumEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Spain) CPIHighEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Spain) Inflation Rate MoMLowEUR
08:00(Spain) Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
09:00(France) IEA Oil Market ReportMediumEUR
10:30(Belgium) Construction Output YoYLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(United States) Import Prices YoYLowUSD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Export Prices YoYLowUSD
13:30(United States) Import Prices MoMMediumUSD
13:30(United States) Export Prices MoMMediumUSD
13:30(United States) Retail Sales MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:45(United States) Fed Waller SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Industrial Production MoMMediumUSD
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:30(United Kingdom) BoE Tenreyro SpeechMediumGBP
18:00(El Salvador) Inflation Rate MoMLowUSD
18:00(El Salvador) Inflation Rate YoYLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
19:15(Germany) Bundesbank Nagel SpeechLowEUR
Today's Scenario: - The USD/CAD pair is holding steady around 1.3320-25, having hit a two-month low earlier during Friday's early European session. The pair is following a muted performance by WTI crude oil, which is Canada's major export item, while also benefiting from the weakness of the US dollar. However, cautious sentiment ahead of important US consumer data appears to be keeping the pair traders on edge.
Buy Scenario: - In USD/CAD a clear break above April 10 high at 1.3554 will push the asset toward the round-level resistance of 1.3600. Breaking above 1.3600 will expose the asset to March 23 low at 1.3630, will be a strong challenge for pair buyers.
In conclusion, the USD/CAD bulls should remain cautious unless they witness a clear upside break of the previous support line from early February, close to 1.3670 at press time. Till we do not advise to buy USD/CAD.
Sell Scenario: - USD/CAD's bearish momentum has resumed after a pullback to the 10-period Exponential Moving Average (EMA) around 1.3533 on a daily chart. Investors see the pullback as a new selling opportunity. Potential supports lie at the lows of February 01 and November 15, 2022, at 1.3267 and 1.3226, respectively.
The Relative Strength Index (RSI) (14) has slipped back into the bearish range of 20.00-40.00, indicating limited upside potential.
To further drive the downside, a break below the round-level support of 1.3300 will pull the Loonie asset toward the February 01 low at 1.3267, followed by the November 15, 2022, low at 1.3226. Till we do not advise to sell USD/CAD.
Support and Resistance Level: -
SupportResistance
S1 1.3298-R1 1.3413
S2 1.3258-R2 1.3488
S3 1.3183-R3 1.3527

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