Outlook for USD/CAD, March 28th

Share news

 

Price action shows that USD declined against CAD during over the week.
Monday, the price matched a peak at 1.1247 , resistance zone and sellers took control of market
with higher participation , making the dollar even more lower.
The currency pair found a temporary support at 1.1020 (Asiatic Session).
Shall we expect more doviness on Friday?
All depends of Reuters/Michigan Consumer Sentiment Index which the forecast is 80.50 from 81.60.
If USD shows strenghen, the currency will likely regain the upside.


Technically, the chart indicates to us a strong bearish pattern.
The main support level for now is 1.1020.

Outlook for USD/CAD, March 28th

 

Big movements will happen on American Session.
Right Now, there is not significant movement for USDCAD.
RSI(24) is showing Bullish divergence.

If the price breaks the pivot, so expect the upsides.
However, the the price continues orbiting below of
pivot, it is likely to expect more downsides.


Technical Outlook:

Stoch: Oversold
Dirvergence: Bullish
Breakout: Possibly Bullish
Resistance 1: 1.1022
Resistance 2: 1.1004
Pivot: 1.1050
Support 1 : 1.1094
Support 2 : 1.1110

 

Main highlights for today:

Import Price Index (MoM and YoY)
Core Personal Consumption Expenditure – Price Index (MoM and YoY)
Consumer Price Index (YoY and MoM)
Harmonised Index of Consumer Prices (YoY and MoM)
US Reuters/Michigan Consumer Sentiment Index

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.