Solid News

USDCAD Market Update

2/27/2023 11:11 AM

During the Asian session, the USD/CAD pair is developing the “bullish” momentum and is testing 1.3616 for a breakout supported by macroeconomic statistics.

On Friday, investors drew attention to the positive dynamics in the income and expenses of US citizens in January, as well as a significant increase in new home sales at the beginning of the year, which strengthened the confidence of trading analysts that the US Federal Reserve will continue to raise interest rates, which could reach their peak at 5.35% closer to July. At the moment, the indicator is around 4.75%, and during the March meeting, it may increase by 25.0 basis points. The focus of US investors on Monday will be statistics on the dynamics of orders for durable goods in January: experts expect a correction of the value by 4.0% after rising by 5.6% last month.

On Tuesday, Canada will report on economic growth rates for December and the fourth quarter of 2022: according to forecasts, gross domestic product (GDP) will slow down from 2.9% to 1.5% YoY and by 0.2% QoQ after growth by 0.7% for the last reporting period.

On the daily chart, Bollinger Bands are steadily growing: the price range is expanding, letting the “bulls” renew local highs. The MACD indicator is growing, keeping a relatively strong buy signal (the histogram is above the signal line). Stochastic has reversed at its highs and is declining, signaling in favor of the development of a corrective decline in the nearest time intervals.

Resistance levels: 1.3650, 1.3700, 1.3750, 1.3800. | Support levels: 1.3600, 1.3550, 1.3500, 1.3450.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024