- Analytics
- News and Tools
- Market News
- USD/CAD facing further downside after rejecting 1.3520
USD/CAD facing further downside after rejecting 1.3520
- USD/CAD seeing mid-Thursday rejection from the topside as Greenback pauses.
- Oil-based CAD getting bolstered by rebounding oil prices.
- US PMIs, CAD Retail Sales still in the pipe for Friday.
The USD/CAD lifted in early Thursday trading, clipping into 1.3520 before seeing a clean rejection, and is now trading down into 1.3475 as the Greenback (USD) takes a breather and the Loonie (CAD) finds support from bouncing crude oil prices.
The oil-based Loonie is finding some minor support from crude prices heading into the end of the week, rebounding after the USD caught a firm bid across the board after Thursday's Federal Reserve (Fed) rate call. The Fed stood still on interest rates, but a rising rate outlook firmed up the chances of another rate hike before the end of the year.
On the economic calendar, Friday comes in with CAD Retail Sales and US Purchasing Manager Index (PMI) figures.
CAD retail sales, US PMIs both seen improving
Canadian retail sales from July are forecast to see confirmed month-over-month growth of 0.4%, an uptick from the previous period's 0.1%.
On the US side, PMIs are expected to improve slightly, with the manufacturing component forecast to lift from 47.9 to 48.0, and the services side moving from 50.5 to 50.6.
USD/CAD technical outlook
The USD/CAD has been catching bids ever since the Fed release yesterday, taking the pair up nearly a full percent bottom-to-top, before running aground on the 200-hour Simple Moving Average (SMA) near 1.3520.
The pair is now set to fall further, declining past the 100-hour SMA and looking at the top side of the descending intraday trendline, marked in from 1.3580.
On the daily candlesticks, the USD/CAD is looking for a rebound from the 34-day Exponential Moving Average (EMA) near 1.3400, and is getting hung up on the 200-day SMA close to the current price action.
USD/CAD daily chart
USD/CAD technical levels
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
