USD/CAD Daily Price Forecast – The Loonie Hovering Near its Top Monthly Levels Ahead of BoC Monetary Report

The loonie pair recorded new monthly levels. The Crude Oil WTI Futures showed a moderate performance. The pair traded well above the 200-days significant SMA triggering a bull call. The US-Sino trade reported positive updates giving support to the growing loonie.
Nikhil Khandelwal
Canadian Dollar

During the Asian session, the Loonie pair breached the robust resistance line of 1.3399 levels. Further, the pair made a new high for this month reaching near 1.3460 levels. The USD/CAD gained additional strength amid rising green money index.

Earlier the day, optimism around the US-China Trade war elevated the USD Index. The loonie pair got bestowed with this dollar surge. The White House recently announced the resumption of talks with Beijing on the trade crisis. The US-Sino may hence reach a favorable trade agreement before this month end.

The Crude oil prices relaxed after OPEC’s announcement to increase their production. Also, the API had stated hike in the numbers of the US oil stocks which added to this decline. The reduction in oil prices lifted the UAD/CAD. The Crude Oil West Texas Intermediate (WTI) Futures was trading near $66.08 per barrel at 10:16 GMT.

USD/CAD Influencing Events

14:00 GMT

The Bank of Canada will execute the following events:

  • The New Monetary policy, Interest Rate Decision, and Rate Statement is set to release. The analysts are in-line with the previous interest rates to come at 1.75 percent. Any aggressive or appeasing stance of the BOC on the policy rates might make CAD volatile.
  • After the release of the report, the BOC Governor and Senior Deputy Governor will deliver a speech at the Press conference.

14:00 GMT

The EIA will publish the US Crude Oil Stock Change reports for the week from April 19. The consensus estimates a rise in the stock. They anticipate the numbers to come around negative 0.167 million to the previous negative 1.396 million.

Technical Analysis

USDCAD 60 Min 24 April 2019

Since last two days, the USD/CAD pair remained sustained near the upper vicinity of the Bollinger Bands (BB), showing an uptrend. The pair traded well above the significant 200-days SMA and 100-days SMA, developing bullish outlook in its future movements. The Relative Strength Index (RSI) drifted just near the 75 levels. This position of the RSI graph pointed to signs of heavy buying. The USD/CAD was trading near the month top levels breaching the strong resistance of 1.3451 level.

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