Outlook for USD/CAD, March 28th

FXOpen

 

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

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Market Analysis: Dollar Falls from 10-month High Market Analysis: US Currency Continues to Grow Ahead of GDP Data Release Market Analysis: Gold and Commodity Currencies Resume Their Decline Market Analysis: EUR/USD Takes Hit While USD/CHF Surges Market Analysis: The Yen and European Currencies Headed to New Lows

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Inflation Still Dogs the

Forex Analysis

Market Analysis: Dollar Falls from 10-month High

EUR/USDThe euro rose on Thursday as the dollar retreated since investors remained cautious ahead of key inflation figures due on Friday. Data on Thursday showed the US economy maintained fairly strong growth in Q2, with an unrevised annual rate

Indices

US 30 Analysis: Dow Jones Finds Support

September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago. Important economic data was published yesterday: → According

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.