The U.S. dollar is changing greatly, and Canada's economy is developing steadily. How about the technical analysis of US dollar and Canadian dollar foreign exchange? I'd like to tell you the technical analysis of US dollar, Canadian dollar and foreign exchange
Canadian data released on Friday showed that the monthly retail sales rate of Canada rose to 2% in May, double the 0.9% expected by economists, while the annual rate of CP1 reached 2.5% in June, up from the 2.3% expected by economists. The beautiful economic data will guide the Central Bank of Canada to raise interest rates at a faster pace. In addition, oil prices continued to rebound this week, as Canada is also one of the major crude oil exporters, so the rise in oil prices will form a certain support for the Canadian dollar. Craig erlam, senior market analyst at foreign exchange broker OANDA, said there was some support in the range of 1.30-1.31, which would be a very strong bearish signal.
Shaun Osborne, a foreign exchange strategist at Scotiabank, also took a similar pessimistic view on the exchange rate. He pointed out that the United States and Canada face greater downward risk, and the exchange rate is likely to continue the downward trend since 1.3385. There is certain support for the exchange rate near 1.3065-70. If the exchange rate is below 1.31, there will be a greater risk of falling to the range of 1.28-29. TradeCaptain.com Analyst Nathan Batchelor pointed out that Maca is currently testing support, and if it falls below 1.31, it is likely to continue to sell. If the exchange rate falls further below the 1.3050 level, it will further open the downward space of the exchange rate. And if the exchange rate rises above 1.3220, it will also attract bow bulls. USD / Canadian dollar recovered after the virtual break of 1.3200, short-term short-term short-term. Those who tend to be stable continue to pay attention to the breakthrough in the range of 1.3100-3200 and then follow up; the radicals are short of 1.3160-80, stop loss of 1.3220 and target of 1.3050. Analysts at Scotiabank said the USD / Canadian dollar was supported in the 1.3250/20 region. Kinetic energy indicators showed signs of turning, retreating from overbought areas. The current exchange rate of RSI is below 70, and the 9-day average (1.3289) has been broken. USD / CAD faces the risk of looking to the bottom of the 2-week range. "The recent dollar / Canadian dollar rally failed to break above key resistance, including the mid point of the range since 2016 (1.3376) and the 76.4% retracement of the decline from May to September 2017. Short term support is expected to fluctuate in the range of 1.2900-1.3000 at $1.3/canadian dollar, but some details need to be noted. The previous wave of U.S. and Canadian prices recovered after a large break, and two attempts to return above 1.3000 failed. These two breakdowns can be regarded as stepping back on the 1.2980-1.3000 neck line. Next, pay close attention to the 1.2900 line, which may lead to a larger downward trend. Tend to effectively break down 1.2900 and start to short the US and Canada. 250-1.3220 area. "
How about the technical analysis of US dollar and Canadian dollar foreign exchange? I would like to introduce here, I hope to help you.
Disclaimer: the content of this article (including but not limited to the text, pictures and other contents) is from the community users' contribution, the viewpoint of this article does not represent the position and viewpoint of this website; if there is any false information or careless infringement of your rights and interests, please contact to inform, and we will correct or delete it as soon as possible after verifying the situation!
Canadian data released on Friday showed that the monthly retail sales rate of Canada rose to 2% in May, double the 0.9% expected by economists, while the annual rate of CP1 reached 2.5% in June, up from the 2.3% expected by economists. The beautiful economic data will guide the Central Bank of Canada to raise interest rates at a faster pace. In addition, oil prices continued to rebound this week, as Canada is also one of the major crude oil exporters, so the rise in oil prices will form a certain support for the Canadian dollar. Craig erlam, senior market analyst at foreign exchange broker OANDA, said there was some support in the range of 1.30-1.31, which would be a very strong bearish signal.
Shaun Osborne, a foreign exchange strategist at Scotiabank, also took a similar pessimistic view on the exchange rate. He pointed out that the United States and Canada face greater downward risk, and the exchange rate is likely to continue the downward trend since 1.3385. There is certain support for the exchange rate near 1.3065-70. If the exchange rate is below 1.31, there will be a greater risk of falling to the range of 1.28-29. TradeCaptain.com Analyst Nathan Batchelor pointed out that Maca is currently testing support, and if it falls below 1.31, it is likely to continue to sell. If the exchange rate falls further below the 1.3050 level, it will further open the downward space of the exchange rate. And if the exchange rate rises above 1.3220, it will also attract bow bulls. USD / Canadian dollar recovered after the virtual break of 1.3200, short-term short-term short-term. Those who tend to be stable continue to pay attention to the breakthrough in the range of 1.3100-3200 and then follow up; the radicals are short of 1.3160-80, stop loss of 1.3220 and target of 1.3050. Analysts at Scotiabank said the USD / Canadian dollar was supported in the 1.3250/20 region. Kinetic energy indicators showed signs of turning, retreating from overbought areas. The current exchange rate of RSI is below 70, and the 9-day average (1.3289) has been broken. USD / CAD faces the risk of looking to the bottom of the 2-week range. "The recent dollar / Canadian dollar rally failed to break above key resistance, including the mid point of the range since 2016 (1.3376) and the 76.4% retracement of the decline from May to September 2017. Short term support is expected to fluctuate in the range of 1.2900-1.3000 at $1.3/canadian dollar, but some details need to be noted. The previous wave of U.S. and Canadian prices recovered after a large break, and two attempts to return above 1.3000 failed. These two breakdowns can be regarded as stepping back on the 1.2980-1.3000 neck line. Next, pay close attention to the 1.2900 line, which may lead to a larger downward trend. Tend to effectively break down 1.2900 and start to short the US and Canada. 250-1.3220 area. "
How about the technical analysis of US dollar and Canadian dollar foreign exchange? I would like to introduce here, I hope to help you.
Disclaimer: the content of this article (including but not limited to the text, pictures and other contents) is from the community users' contribution, the viewpoint of this article does not represent the position and viewpoint of this website; if there is any false information or careless infringement of your rights and interests, please contact to inform, and we will correct or delete it as soon as possible after verifying the situation!
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