Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

Télécharger MT4
MT5 Terminal

USDCAD Support Turned Resistance (May 28, 2015)

USDCAD has been climbing since the middle of the month but may be due to head south again, as the pair is hitting an area of interest. 

Price appears to be finding resistance at the 61.8% Fibonacci retracement level, which lines up with the broken support at the 1.2500 major psychological level.

At the same time, stochastic has reached the overbought zone, indicating that buyers are already exhausted. The oscillator could turn lower from the region and draw more sellers in, possibly allowing price to head back to its recent lows around the 1.1900 major psychological mark.

Note that the short-term exponential moving average has crossed above the long-term moving average on its daily time frame, suggesting that further gains are possible. This could allow the pair could climb all the way up to the next resistance area around the 1.2800 handle.

rsz_150528_usdcad

Earlier this week, the BOC expressed a slightly dovish tone in its monetary policy statement, citing that the currency’s appreciation is keeping a lid on growth and inflation prospects. The Canadian current account balance, US initial jobless claims, US pending home sales, and crude oil inventories data are the event risks for today.

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/fr
Devis
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

Rejoignez-nous en seulement 1 minute!

Télécharger MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro/fr