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Home ANALYSIS

USDCAD moves to lowest level since November 10

A.R Chowdhury by A.R Chowdhury
March 30, 2022
Reading Time: 4 mins read
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USDCAD moves to lowest level since November 10

USDCAD

USDCAD trades to a new 2022 low

The  USDCAD 
USD/CAD

The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh most traded currency. The United States and Canada are geographical neighbors, and as a result there is a lot of trade between the two countries. Thus, there is often decent volatility and low spreads for the USD/CAD, typically between 1 and 3 pips on most foreign exchange brokers. Factors Influencing the USD/CADThere are a number of important economic or news releases that can affect the USD/CAD. This includes among others, Non-Farm Payroll data for the US that are released on the first Friday of each month. Such metrics tell us whether employment is rising or falling, while the Gross Domestic Product (GDP) for Canada or the US, measure the total value of all goods and services produced by the country. In addition, the USD/CAD is known as a “Commodity Pair”, as Canada possesses large amounts of natural resources, specifically oil, which is its most traded commodity. As a result, it’s important for long term speculators of USD/CAD to keep a close eye on crude oil developments due to the strong negative correlation.

The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh most traded currency. The United States and Canada are geographical neighbors, and as a result there is a lot of trade between the two countries. Thus, there is often decent volatility and low spreads for the USD/CAD, typically between 1 and 3 pips on most foreign exchange brokers. Factors Influencing the USD/CADThere are a number of important economic or news releases that can affect the USD/CAD. This includes among others, Non-Farm Payroll data for the US that are released on the first Friday of each month. Such metrics tell us whether employment is rising or falling, while the Gross Domestic Product (GDP) for Canada or the US, measure the total value of all goods and services produced by the country. In addition, the USD/CAD is known as a “Commodity Pair”, as Canada possesses large amounts of natural resources, specifically oil, which is its most traded commodity. As a result, it’s important for long term speculators of USD/CAD to keep a close eye on crude oil developments due to the strong negative correlation.
Read this Term
has moved to a new session low in the process took out the January 19, 2022 low for the year at 1.24476. The low price just reached 1.24407. The price has not traded this low since November 10, 2021.

Looking at the daily chart, the price is been trading above and below its 50% midpoint of the range since the June 2021 low. That midpoint comes in at 1.24846. On the daily chart of the price can stay below that level, the sellers would be more control. On the downside off the daily chart, the next target area comes between 1.2364 and 1.2383. That area brackets the 61.8% retracement at 1.23717.

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Drilling to the hourly chart below, the Monday high stalled near its 200 hour moving average (green line), and yesterday, the price high stalled against its 100 hour moving average.

The inability to move above those moving average levels give the sellers the go-ahead to move to the downside. The pair in the last hourly bar broke below the swing lows from last Friday and yesterday near the 1.2465 level.

Close resistance would now be that area near 1.2465. Stay below keeps the sellers in firm control on the break.

More conservative resistance would come against the falling 100 hour moving average 1.2509 currently. Move above that level would give buyers some added comfort, and give sellers additional cause for pause after the break lower failure.

For now, the sellers are in control below 1.24645.

USDCAD

USDCAD falls below the swing lows from Friday and yesterday
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A.R Chowdhury

A.R Chowdhury

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