Daily Analysis For USD/CAD 26-04-2023

Daily Analysis For USD/CAD 26-04-2023

USD/CAD Analysis
USD/CAD
Economic Events and Scenario for USD/CAD
Economic Events : -
GMTEventImpactCurrency
02:30(Australia) RBA Trimmed Mean CPI QoQHighAUD
02:30(Australia) RBA Weighted Median CPI YoYHighAUD
02:30(Australia) RBA Weighted Median CPI QoQHighAUD
02:30(Australia) Inflation Rate QoQMediumAUD
02:30(Australia) Inflation Rate YoYHighAUD
02:30(Australia) RBA Trimmed Mean CPI YoYHighAUD
02:30(Australia) CPIHighAUD
02:30(Australia) Monthly CPI IndicatorHighAUD
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 2-Year JGB AuctionLowJPY
05:30(Netherlands) Retail Sales YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(Germany) GfK Consumer ConfidenceHighEUR
07:45(France) Consumer ConfidenceMediumEUR
08:30(Euro Area) ECB Enria SpeechLowEUR
09:00(Austria) Bank Austria Manufacturing PMIHighEUR
09:00(Switzerland) Economic Sentiment IndexLowCHF
09:30(United Kingdom) Labour Productivity QoQLowGBP
09:30(Slovenia) Retail Sales YoYLowEUR
09:30(Slovenia) Retail Sales MoMLowEUR
10:10(Italy) 6-Month BOT AuctionLowEUR
10:20(Euro Area) ECB Jochnick SpeechLowEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(France) Jobseekers TotalLowEUR
11:00(France) Unemployment Benefit ClaimsMediumEUR
11:00(United Kingdom) CBI Distributive TradesMediumGBP
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
13:00(Euro Area) ECB Guindos SpeechHighEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(United States) Wholesale Inventories MoMMediumUSD
13:30(United States) Retail Inventories Ex Autos MoMMediumUSD
13:30(United States) Goods Trade BalanceHighUSD
13:30(United States) Non Defense Goods Orders Ex AirLowUSD
13:30(United States) Durable Goods Orders MoMHighUSD
13:30(United States) Durable Goods Orders ex Defense MoMHighUSD
13:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
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) 2-Year FRN AuctionLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 30-Year Bond AuctionLowCAD
18:00(United States) 5-Year Note AuctionLowUSD
18:30(Canada) BoC Summary of DeliberationsMediumCAD
Today's Scenario: - During early Wednesday, the USD/CAD pair is struggling to extend the biggest daily gains seen in seven weeks as it trades around 1.3620-30. The pair appears to be taking cues from the recent pause in the downside of oil prices, Canada's primary export, as well as a period of consolidation in the market ahead of the release of key US Durable Goods Orders data for March. However, fresh concerns about bank failures and the expiration of the US debt ceiling are keeping buyers of the Loonie hopeful, particularly in light of the Bank of Canada's comparatively dovish stance compared to the Federal Reserve.
Yesterday, the USD/CAD pair surged to its highest level in a month as the US Dollar benefitted from the overall risk-off sentiment in the market and mostly positive US economic data.
Buy Scenario: - The USD/CAD is expected to test a resistance trendline at around 1.3635-50 after Tuesday's price action, which could lead to further gains once broken. The Relative Strength Index (RSI) is in bullish territory and the Rate of Change (RoC) indicates increasing buying pressure over the past three days.
If the USD/CAD breaks through the resistance trendline, its next resistance levels would be 1.3650, 1.3700, 1.3804 (the March 24 cycle high), and 1.3862 (the YTD high). Till we do not advise to buy USD/CAD.
Sell Scenario: - However, if the USD/CAD fails to break through the resistance trendline, it could shift downwards. Its first support level would be the psychological 1.3600 level, followed by the 50-day EMA at 1.3532, the 20-day EMA at 1.3517, and the 100-day EMA at 1.3506. Till we do not advise to sell USD/CAD.
Support and Resistance Level: -
SupportResistance
S1 1.3552-R1 1.3675
S2 1.3477-R2 1.3723
S3 1.3429-R3 1.3798

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