Daily Analysis For USD/CAD 20-04-2023

Daily Analysis For USD/CAD 20-04-2023

USD/CAD Analysis
USD/CAD
Economic Events and Scenario for USD/CAD
Economic Events : -
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Imports YoYLowJPY
00:50(Japan) Exports YoYMediumJPY
00:50(Japan) Balance of TradeHighJPY
02:15(China) Loan Prime Rate 1YMediumCNY
02:15(China) Loan Prime Rate 5YMediumCNY
04:35(Japan) 20-Year JGB AuctionLowJPY
05:30(Japan) Tertiary Industry Index MoMLowJPY
05:30(Netherlands) Unemployment RateMediumEUR
05:30(Netherlands) Consumer ConfidenceMediumEUR
06:00(Estonia) PPI YoYLowEUR
06:00(Estonia) PPI MoMLowEUR
07:00(Germany) PPI YoYLowEUR
07:00(Germany) PPI MoMMediumEUR
07:45(France) Business Climate IndicatorLowEUR
07:45(France) Business ConfidenceMediumEUR
09:00(Greece) Current AccountLowEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) 7-Year Obligacion AuctionLowEUR
09:40(Spain) 10-Year Obligacion AuctionLowEUR
10:00(China) FDI (YTD) YoYMediumCNY
10:00(Euro Area) Balance of TradeMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(France) 5-Year BTAN AuctionLowEUR
10:00(France) 3-Year BTAN AuctionLowEUR
11:00(France) 10-Year Index-Linked OAT AuctionLowEUR
11:00(Luxembourg) Unemployment RateLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Portugal) PPI MoMLowEUR
12:30(Euro Area) ECB Monetary Policy Meeting AccountsMediumEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
17:00(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year TIPS AuctionLowUSD
20:00(United States) Fed Bowman SpeechMediumUSD
21:15(Euro Area) ECB Schnabel SpeechLowEUR
Today's Scenario: - The USD/CAD pair is heading towards the 1.3500 level after breaking through short-term key resistance levels around 1.3470 during Thursday's Asian session. The Canadian dollar pair is being boosted by the upside break of a one-month-old descending trend line, as well as the 100-period simple moving average (SMA), which are currently located near 1.3465 and 1.3390, respectively.
Buy Scenario: - The pair's rally is fueled by the break of a one-month-old descending trend line and the 100-period Simple Moving Average (SMA) around 1.3465 and 1.3390, respectively. The bullish Moving Average Convergence Divergence (MACD) signals add to the positive outlook for the USD/CAD buyers. However, the Relative Strength Index (RSI) suggests that the pair may be overbought, which could limit further gains.
In terms of resistance, the 1.3500 round figure is the immediate obstacle for the USD/CAD bulls, followed by the April 10 swing high near 1.3555, the 200-period SMA resistance near 1.3595, and the 1.3600 round figure, which may pose a challenge for the bulls. Till we do not advise to buy USD/CAD.
Sell Scenario: - On the downside, if the pair falls below the 1.3390 resistance-turned-support level, an upward-sloping support line from February, which is close to 1.3320, becomes crucial for the Loonie pair sellers to retake control.
Overall, the USD/CAD pair is still bullish, but the road ahead may be challenging. Till we do not advise to sell USD/CAD.
Support and Resistance Level: -
SupportResistance
S1 1.3405-R1 1.3492
S2 1.3349-R2 1.3523
S3 1.3317-R3 1.3580

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