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FxWirePro: USD/CAD bearish again as upside bias reverses

• USD/CAD dipped on Tuesday  as positive Canadian  manufacturing data and  higher oil prices outweighed stronger greenback.

• Canada’s manufacturing PMI increased to 50.4 in September 2024, up from 49.5 in August, marking the first improvement in operating conditions since April 2023.

•Oil prices surged by about 3% on Tuesday following reports that Iran was poised to launch a missile attack on Israel.

 •  USD/CAD was trading 0.23% down at  1.3493   after hitting daily high at  1.3541  

• Technical signals are  strongly bearish as RSI is   at 36, daily momentum studies  5, 9 and 10 DMAs are trending down.

•   Immediate resistance is located at 1.3543 (50%fib), any close above will push the pair towards 1.3570 ( Sep 6th high)

• Strong support is seen at 1.3490 (38.2%fib) and break below could take the pair towards 1.3451(Lower BB).

  Recommendation: Good to sell  around 1.3500, with stop loss of 1.3580 and target price of 1.3410

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