2/23/2024 0 Comments Download usd s euroEUR/CAD Weekly ChartĬhart Created Using TradingView EUR/CAD: A minor pause on the cards?ĮUR/CAD is approaching a major converged cushion on the 200-day moving average and a horizontal trendline from January at about 1.4235. While a minor rebound can’t be ruled out given the significance of the support, the broader bias remains down, potentially toward the 200-day moving average (now at about 1.6225). The cross is testing a crucial converged floor, including the April low of 1.6535, coinciding with the 89-period moving average. GBP/CAD’s failure to rise decisively past the end-2022 high of 1.6850, slightly above major resistance on the 200-week moving average, points to fatigue in the nine-month-long rally. GBP/CAD Daily ChartĬhart Created by Manish Jaradi Using TradingView Notes at the bottom of the page GBP/CAD: Risks a drop toward the 200-DMA The IGCS data at times functions as a contrarian indicator – the fact traders are net-long reduces the hurdle for USD/CAD to fall. The number of traders net-long is a whopping 74% higher from last week. Moreover, the IG Client Sentiment (IGCS) shows 70% of retail traders are net-long with the ratio of long to short at 2.3 to 1. USD/CAD Daily ChartĬhart Created by Manish Jaradi Using TradingView USD/CAD is testing vital converged support around 1.3220-1.3320, a break below which could clear the way for a drop initially toward the psychological 1.3000, potentially toward the August low of 1.2725. Granted USD/CAD has been sideways for months, but conditions could be getting ripe for a trend. Technical charts are growing supportive of CAD against some of its peers. Markets are pricing in another rate hike in July, with the terminal rate seen at 5.15% by the end of the year. The Canadian dollar may have just received the boost to extend gains against some of its peers, thanks to the Bank of Canada’s (BOC) hike on Wednesday.īOC hiked its overnight rate to a 22-year high of 4.75%, saying “concerns have increased that CPI inflation could get stuck materially above the 2% target.” The central bank, however, dropped the April language saying it “remains prepared to raise the policy rate further”, making it more data dependent.
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