EUR/USD 1.17178
-0.030%
Gold 4338.56
0.134%
Oil 56.289
0.752%
USD/JPY 157.412
1.195%
GBP/USD 1.33583
-0.173%
GBP/JPY 210.282
1.036%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
YouTube: There have been reports that YouTube, YouTube TV, and YouTube Music are failing to load or displaying error messages. The relevant team is investigating the matter.On December 19th, the Federal Reserve announced on Friday that it is seeking public comment on establishing limited "payment accounts" for certain financial institutions. These accounts would allow these institutions to use the Feds payment services for clearing and settlement, but would not enjoy the broader rights currently enjoyed by banks. Fed Governor Waller stated that such accounts could "support innovation" while protecting the security of the payment system. If such accounts are established, they will be distinct from the Feds main accounts, will not pay interest, and will not provide access to the Feds credit services. These accounts would also be subject to balance limits. Waller first proposed the idea of such accounts last October, when the Fed was seeking a balance that would allow institutions such as fintech companies wider access to the Feds payment services without granting full master account privileges to less regulated institutions.The Eurozones preliminary consumer confidence index for December was -14.6, compared to a forecast of -14 and a previous reading of -14.2.The U.S. Conference Board Employment Trends Index for November was 105.8, compared with 106.84 in the previous month.The final reading of the US one-year inflation rate in December was 4.2%, below the expected 4.1% and the previous reading of 4.1%.

USD/CAD Bears Anticipate Additional Losses Towards $1.34

Alina Haynes

Apr 13, 2023 14:22

 USD:CAD.png

 

Following a three-day losing trend, the USD/CAD continues to trade near the weekly low around 1.3440 in the early hours of Thursday.

 

In doing so, the Loonie pair justifies yesterday's pullback from the 61.8% Fibonacci retracement of the February-March uptrend, as well as yesterday's retreat from the 100-bar Exponential Moving Average (EMA), in conjunction with negative MACD signals.

 

Notably, the RSI (14) line is approaching the oversold region, indicating the USD/CAD exchange rate has limited downside potential.

 

Consequently, a horizontal area containing multiple lows marked since March 3 around 1.3400 becomes the most crucial support for pair traders to track. In addition, the 78.6% Fibonacci retracement level encircling 1.3390 provides immediate support.

 

A irregular decline towards February's low of 1.3262 cannot be ruled out if the USD/CAD defies RSI conditions and descends below 1.3390.

 

In contrast, the 61.8% Fibonacci retracement level around 1.3490, also known as the golden Fibonacci ratio, restricts immediate USD/CAD recovery movements prior to the 1.3535 100-exponential moving average (EMA) barrier.

 

If the USD/CAD exchange rate remains firmer than 1.3535, a convergence of the 200-exponential moving average (EMA) and 50% Fibonacci retracement around 1.3565 will pose a formidable obstacle for buyers.

 

At the time of publication, USD/CAD investors should remain cautious unless they observe a clear break above the previous support line from early February, which was near 1.3670.


Suggestion