This week looks promising for the USDCAD pair that is strengthening due to the decrease in oil prices. CAD was the only major currency that could not take advantage of investors' heightened interest in risk. The reason for CAD’s weakness was the decline in oil prices after US President Donald Trump’s twit. For the first time this year, D. Trump criticized OPEC's actions in respects to Oil price stabilization. The twit also states that adding that high prices for "black gold" can harm the global economy. Despite the absence of sarcastic comments from the president, market participants are taking into consideration possible US pressure on Saudi Arabia. The fundamental events of today, starting with the Fed Chairman Jerome Powell speech in Congress at 17:00 (GMT+2). Also, at 23:30 (GMT+2) API will publish a report on US energy reserves. Both announcements will create trading opportunities for the USDCAD pair and Oil.

    Support and resistance for USDCAD

    The 4-hour chart points to consolidation at the top of Bollinger bands. The indicator reverses upwards and the price range widens, indicating a continuation of the upward trend for USDCAD. MACD histogram keeps a poor sell signal, stochastic shows the overbought area; a strong sell signal can be formed within 1–2 days. The first support level for USDCAD it’s at 1,3113 and second support level at 1,3181. Resistance levels are easy to spot for USDCAD with the first at 1,3240 and second at 1,3270. usdcadI hope this analysis will help you make the right informed decision before placing any trades. Like always I wish you Happy Trading and Every Success!  

    * Disclaimer: Highway Media Group will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

    Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks.

    Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite.

    Highway Media Group would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), Forex and cryptocurrencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

    Therefore, Highway Media Group doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Highway Media Group may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.