FXEMPIRE
All
Ad
Advertisement
Advertisement
Vladimir Zernov
Add to Bookmarks
USD/CAD

USD/CAD Video 14.05.21.

Canadian Dollar Gains Ground Ahead Of The Weekend

USD/CAD is currently trying to settle back below the support at 1.2100 while the U.S. dollar is losing ground against a broad basket of currencies.

Advertisement
Know where USD/CAD is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The U.S. Dollar Index is testing the support level at 90.30. In case this test is successful, the U.S. Dollar Index will head towards the next support level at the recent lows at 90 which will be bearish for USD/CAD.

Today, the U.S. reported that Retail Sales remained unchanged in April after growing by 10.7% month-over-month in March. Excluding Autos, Retail Sales declined by 0.8%.

Industrial Production increased by 0.7% month-over-month in April compared to analyst consensus which called for growth of 1%. Manufacturing Production grew by 0.4%, in line with analyst estimates.

Foreign exchange market traders also had a chance to take a look at preliminary Consumer Confidence data for May. The report was much worse than analyst estimates as Consumer Confidence dropped from 88.3 in April to 82.8 in May compared to analyst consensus of 90.4.

It should be noted that Inflation Expectations increased from 3.4% in April to 4.6% in May which may have put additional pressure on Consumer Confidence.

Advertisement

Technical Analysis

USD to CAD settled below the support at 1.2130 and made an attempt to settle below the next support level at 1.2100. If USD to CAD settles below this level, it will get to another test of the support at 1.2080.

A successful test of the support at 1.2080 will open the way to the test of the support at 1.2065. In case USD to CAD declines below this level, it will move towards the support at 1.2040. A move below 1.2040 will open the way to the test of the support at 1.2000.

On the upside, USD to CAD needs to get back above 1.2130 to have a chance to develop upside momentum in the near term. The next resistance level is located at 1.2170. If USD to CAD settles above this level, it will move towards the next resistance at 1.2200.

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