• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Forex News

Key USD/CAD Levels to Watch

Forex Tips by Forex Tips
August 19, 2020
in Forex News
0
Long-term Uptrend Support vs Downward Channel
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


CAD Analysis and Talking Points

  • USD/CAD | Downtrend Remains Intact
  • Unwind of Short CAD Positioning Risks Accelerating USD/CAD Losses
  • Canadian Dollar Technical Levels

USD/CAD | Downtrend Remains Intact

The theme of US Dollar remains intact, particularly in USD/CAD with the persistent downtrend hitting fresh post COVID lows following a break below support at 1.3170. In turn, given that there is little in the way of notable support, USD/CAD raises the risk of accelerating losses towards the 1.3000 handle. Alongside this, the latest CFTC data highlights that speculators remain short on the Canadian Dollar and thus an unwind of bearish bets provides scope for USD/CAD to fall further. On the topside, resistance is situated at 1.3200, whereby below this level maintains the bearish bias in USD/CAD.



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily 3% 6% 4%
Weekly 4% 12% 7%

Canadian Dollar Technical Levels

Support

Resistance

1.3065

38.2% Fib

1.3200

–

1.3000

–

1.3250

–

1.2957

2020 Low

1.3315

Jun 10th Low

Elsewhere, it is important to keep one eye on oil prices, which has also underpinned the recovery in CAD. In the short term, focus will be on the OPEC meeting, however, little is expected in the way of new policy as OPEC maintains its stance to gradual taper production cuts.

G10 FX Moving Averages

Canadian Dollar Forecast: Key USD/CAD Levels to Watch

USD/CAD Price Chart: Weekly Time Frame

Canadian Dollar Forecast: Key USD/CAD Levels to Watch

Source: IG Charts





Source link

Share76Tweet47

Related Posts

Dow Jones Eyes Support, Straits Times Faces Singapore General Election

Copper Trading Tips and Strategies

by Forex Tips
March 4, 2021
0

Copper Trading: Copper Trading Tips and StrategiesCopper is a highly tradeable commodity.Copper is priced in US Dollars; so the...

How to Trade After a News Release

by Forex Tips
March 3, 2021
0

Traders need to learn how to navigate volatile markets by implementing a solid trading plan and adopting sound risk...

BTC/USD, ETH/USD Bullish Reversal at Hand?

by Forex Tips
March 2, 2021
0

Bitcoin, Ethereum, Goldman Sachs, Citigroup, Cryptocurrencies – Talking Points:Citigroup and Goldman Sachs recent endorsement of the cryptocurrency market could...

Australian Dollar Unfazed by Chinese PMI as RBA Meeting Shifts Into View

by Forex Tips
March 1, 2021
0

Australian Dollar, Caixin PMI, RBA, Bond Yields, Yield Curve Control – Talking Points:The Australian Dollar briefly drifted lower on...

Outlook for EUR/USD Negative Longer Term

EUR/USD Outlook Improves as German Bund Yields Rise

by Forex Tips
February 28, 2021
0

Fundamental Euro Forecast: BullishThe European Central Bank’s Governing Council has clearly decided to stress to the markets that it’s...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.