Daily Analysis For USD/CAD  27-03-2023

Daily Analysis For USD/CAD 27-03-2023

USD/CAD Analysis
USD/CAD
Economic Events and Scenario for USD/CAD
Economic Events : -
GMTEventImpactCurrency
2:30(China) Industrial Profits (YTD) YoYLowCNY
6:00(Finland) Consumer ConfidenceLowEUR
6:00(Finland) Business ConfidenceLowEUR
6:00(Japan) Leading Economic IndexLowJPY
6:00(Japan) Coincident IndexLowJPY
9:00(Germany) Ifo Current ConditionsLowEUR
9:00(Germany) Ifo Business ClimateHighEUR
9:00(Germany) Ifo ExpectationsLowEUR
9:00(Euro Area) Loans to Companies YoYLowEUR
9:00(Euro Area) M3 Money Supply YoYLowEUR
9:00(Euro Area) Loans to Households YoYLowEUR
9:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
9:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
9:00(Japan) Myfxbook USDJPY SentimentMediumJPY
9:00(European Union) Myfxbook EURUSD SentimentMediumEUR
9:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
9:00(Canada) Myfxbook USDCAD SentimentMediumCAD
9:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
11:00(United Kingdom) CBI Distributive TradesMediumGBP
11:00(France) Jobseekers TotalLowEUR
11:00(France) Unemployment Benefit ClaimsMediumEUR
11:00(Greece) Total Credit YoYLowEUR
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:30(United States) Dallas Fed Manufacturing IndexMediumUSD
15:40(Euro Area) ECB Elderson SpeechMediumEUR
16:00(Euro Area) ECB Schnabel SpeechMediumEUR
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
18:00(United States) 2-Year Note AuctionLowUSD
18:00(United Kingdom) BoE Gov Bailey SpeechMediumGBP
22:00(United States) Fed Jefferson SpeechMediumUSD

Today's Scenario: - During the Asian trading session, the USD/CAD pair has reached a new low for the day at 1.3725. This decline in the value of the US Dollar against the Canadian Dollar is supported by a lackluster performance of the US Dollar Index (DXY) and an increase in optimism for the Bank of Canada (BoC) to resume its policy tightening measures after the release of strong Canadian Retail Sales data.

Buy Scenario: - The USD/CAD pair has corrected lower to approach the demand zone between 1.3737-1.3746, but the overall upside bias for the Canadian dollar remains strong as it is still trading above a downward-sloping trendline from the March 10 high at 1.3862. Additionally, the pair is still above the 50-period Exponential Moving Average at 1.3727, suggesting a short-term bullish bias.
Although the Relative Strength Index (RSI) (14) has dropped below 60.00, it could find initial support around 40.00.
If the pair manages to recover above the March 14 high at 1.3773, it could potentially rally towards the March 09 high at 1.3835 and the key resistance level of 1.3900. Till we do not advise to buy USD/CAD.

Sell Scenario: - If the USD/CAD pair fails to hold above the demand zone at 1.3737-1.3746, it could potentially break down below the March 14 low at 1.3652. This could trigger a bearish move towards the March 07 low at 1.3600, followed by the March 03 low at 1.3555. Traders should closely monitor the price action and watch for any signs of a trend reversal, such as a break below key support levels or a shift in momentum indicators like the Relative Strength Index (RSI).Till we do not advise to sell USD/CAD.

Support and Resistance Level: -
SupportResistance
S1 1.3699-R1 1.3796
S2 1.3655-R2 1.3849
S3 1.3602-R3 1.3893

Discussion

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