At make or break below 1.3600 – Crypto News – Crypto News
Connect with us
USD/CAD jumps to 1.3000 after Powell as Wall Street tumbles USD/CAD jumps to 1.3000 after Powell as Wall Street tumbles

others

At make or break below 1.3600 – Crypto News

Published

3 years ago

on

Share:

  • USD/CAD is oscillating in a narrow range below 1.3600 amid a quiet market mood.
  • This week, US Employment-linked economic indicators will keep investors busy.
  • USD/CAD is hovering near the neckline of the Head and Shoulders chart pattern around 1.3584.

The USD/CAD pair is juggling in a narrow range below the round-level resistance of 1.3600 in the early Tokyo session. The Loonie asset is expected to display a power-packed action as investors would remain highly active after an extended weekend.

As US debt-ceiling raise proposal is finally going to Congress for approval before June 05, investors would shift their focus towards United States Employment-linked economic indicators, After Wednesday’s JOLTS Job Openings data, investors will focus on Thursday’s Automatic Data Processing (ADP) Employment Change and finally on Friday’s Nonfarm Payrolls (NFP) data.

The Canadian Dollar is expected to remain on the tenterhooks amid the release of the Q1 Gross Domestic Product (GDP) data, which will release on Wednesday.

Meanwhile, the US Dollar Index (DXY) has dropped after facing stiff barricades around 104.30.

USD/CAD is hovering near the neckline of the Head and Shoulders charts The pattern is formed on an hourly scale, which is plotted around 1.3584. A slippage below the neckline support would result in a sheer breakdown. The 20-period Exponential Moving Average (EMA) at 1.3596 is acting as a barricade for the US Dollar bulls.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range. A downside momentum will get triggered after a breakdown below 40.00.

Going forward, a break below May 29 low at 1.3584 will drag the asset towards May 23 high at 1.3550. A breakdown below the latter would expose the Loonie asset to psychological support at 1.3500.

On the contrary, a fresh buy would come above May 26 high at 1.3655, which would drive the asset towards the round-level resistance at 1.3700 followed by March 27 high at 1.3745.

USD/CAD hourly chart

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending