USDCAD falls below 100 hour moving average and a short term floor

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USDCAD

USDCAD is moving away from MAs and short-lived floor

La USDCAD

USD / CAD

The USD / CAD is the currency pair comprising the United States dollar (symbol $, code USD), and the Canadian dollar Canadian (symbol $ code CAD). The exchange rate of the pair indicates how many Canadian dollars it takes to buy one US dollar. For example, when the USD / CAD trades at 1.3500, it means that 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the most traded currency in the world, while the Canadian dollar (CAD) is the seventh most traded currency in the world. The United States and Canada are geographical neighbors, so 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 at most foreign brokers. Factors Affecting the USD / CAD There are some important economic or news issues that can affect the USD / CAD. This includes, among other things, non-farm payroll data for the United States, which is published on the first Friday of each month. Such measures tell us whether employment increases or decreases, while the Gross Domestic Product (GDP) for Canada or the United States measures the total value of all goods and services produced by the country. In addition, the USD / CAD is known as the “Commodity Pair” because Canada owns large amounts of natural resources, specifically oil, which is its most traded commodity. As a result, it is important for long-term USD / CAD speculators to pay attention to crude oil developments due to the strong negative correlation.

The USD / CAD is the currency pair comprising the United States dollar (symbol $, code USD), and the Canadian dollar Canadian (symbol $ code CAD). The exchange rate of the pair indicates how many Canadian dollars it takes to buy one US dollar. For example, when the USD / CAD trades at 1.3500, it means that 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the most traded currency in the world, while the Canadian dollar (CAD) is the seventh most traded currency in the world. The United States and Canada are geographical neighbors, so 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 at most foreign brokers. Factors Affecting the USD / CAD There are some important economic or news issues that can affect the USD / CAD. This includes, among other things, non-farm payroll data for the United States, which is published on the first Friday of each month. Such measures tell us whether employment increases or decreases, while the Gross Domestic Product (GDP) for Canada or the United States measures the total value of all goods and services produced by the country. In addition, the USD / CAD is known as the “Commodity Pair” because Canada owns large amounts of natural resources, specifically oil, which is its most traded commodity. As a result, it is important for long-term USD / CAD speculators to pay attention to crude oil developments due to the strong negative correlation.
Read this Term broke below its 100-hour moving average (blue line in the chart above) at 1.28133, as well as a shorter-term swing low that formed from lows on Tuesday, Wednesday and again today. This floor comes at 1.2800 (nice round number and natural support level

Support Level

Trade support or support level represents a predetermined price that acts as a temporary barrier to an asset. In particular, this level ensures that the price of an asset will not fall below it or will encounter difficulties in doing so.All assets can use supports, be it forex, stocks, commodities, and so on. The support level of a given asset is created by buyers who enter the buyers. market whenever the asset falls to a lower price. Basic support levels can be calculated and mapped by identifying the lowest lows for a period of time considered. This can happen during any period, whether daily, hourly, etc. A support line can be either flat or tilted up or down relative to the general price trend. Looking deeper, other technical indicators and graphical techniques can be used to identify more advanced versions of support. Support levels differ from resistance, which illustrates the opposite direction of price movements. Understanding Support Levels can either hold at this level or fall further. In this case, additional supports must be identified to compensate for a gap or decrease. Support levels in many assets can be created by limiting orders or simply the market action of traders and investors. Traders can rely on support levels to plan either entry and exit. points for trades, as well as creating more detailed trading strategies. For example, if the price action on a chart falls below a support level, it is seen as an opportunity to buy or take a short position. Additionally, if this break of the support level occurs during an uptrend, it may be a sign of a reversal and strength.

Trade support or support level represents a predetermined price that acts as a temporary barrier to an asset. In particular, this level ensures that the price of an asset will not fall below it or will encounter difficulties in doing so.All assets can use supports, be it forex, stocks, commodities, and so on. The support level of a given asset is created by buyers who enter the buyers. market whenever the asset falls to a lower price. Basic support levels can be calculated and mapped by identifying the lowest lows for a period of time considered. This can happen during any period, whether daily, hourly, etc. A support line can be either flat or tilted up or down relative to the general price trend. Looking deeper, other technical indicators and graphical techniques can be used to identify more advanced versions of support. Support levels differ from resistance, which illustrates the opposite direction of price movements. Understanding Support Levels can either hold at this level or fall further. In this case, additional supports must be identified to compensate for a gap or decrease. Support levels in many assets can be created by limiting orders or simply the market action of traders and investors. Traders can rely on support levels to plan either entry and exit. points for trades, as well as creating more detailed trading strategies. For example, if the price action on a chart falls below a support level, it is seen as an opportunity to buy or take a short position. Additionally, if this break of the support level occurs during an uptrend, it may be a sign of a reversal and strength.
Read this Term). The current price is trading at 1.2784.

The 1.2800 level is now near risk as the 100-hour moving average at 1.28133. Stay down and the sellers stay in control.

On the downside, the next support target comes at 1.2775 to 1.27796. Below that, Tuesday’s swing low of 1.27653 would be targeted followed by the downward downward trend linking recent lows (see blue numbered circles in the chart above). This trend line cuts at 1.2744 (and moves lower).

Sellers making play after buyers on Tuesday and Wednesday could not overcome the 38.2% rebound from the recent trading range from the May 12 high. That pull came at 1.2884. The high price stopped yesterday just against that level and started the rotation back to the low (albeit in hack mode).

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