FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
60,105,740Confirmed
1,414,868Deaths
41,553,773Recovered
Fetching Location Data…
Advertisement
Advertisement
Vladimir Zernov
USD/CAD

USD/CAD Video 20.11.20.

Advertisement

Canadian Dollar Is Mostly Flat Against U.S. Dollar Ahead Of The Weekend

USD/CAD failed to settle above 1.3100 and is trying to settle below the nearest support level at 1.3080 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. dollar was not volatile on the foreign exchange market today although the U.S. Dollar Index made an attempt to settle below the nearest support level at 92.10.

This attempt was not successful, and the U.S. Dollar Index rebounded closer to the nearest resistance at 92.50 but did not manage to get to the test of this level.

If the U.S. Dollar Index settles above 92.50, it will gain upside momentum and head towards the next resistance level at 92.80 which will be bullish for USD/CAD.

Today, Canada reported that Retail Sales increased by 1.1% month-over-month in September. Analysts projected that Retail Sales would grow by just 0.2% so the report was much better than expected. On a year-over-year basis, Retail Sales increased by 4.6%.

Meanwhile, Canada’s new Housing Price Index showed growth of 0.8% in October. On a year-over-year basis, Housing Price Index increased by 3.9%. Just like the U.S. housing market, Canada’s housing market remains strong amid the pandemic.

Technical Analysis

USD to CAD is currently trading near the support level at 1.3080 after an unsuccessful attempt to settle below the next support at 1.3050.

USD to CAD has spent the recent trading sessions between the support at 1.3050 and the resistance at 1.3120 and failed to gain any momentum. All attempts to get out of this range yielded no results, and USD to CAD will certainly need additional catalysts to get away from current levels.

If USD to CAD manages to settle below the support at 1.3050, it will gain downside momentum and move towards the major support level at 1.3000.

On the upside, USD to CAD needs to settle above 1.3100 to get to the test of the 20 EMA which has declined to 1.3115. If USD to CAD gets above the 20 EMA, it will head towards the next resistance level at the 50 EMA at 1.3165.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US