EUR/USD 1.13040
0.128%
Gold 3233.45
-0.138%
Oil 58.264
-0.717%
USD/JPY 144.978
-0.276%
GBP/USD 1.32769
-0.004%
GBP/JPY 192.489
-0.239%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: The United States approves a possible arms sale to Ukraine worth $310.5 million.Sources: The United States is preparing to impose new sanctions on Russia to increase pressure on Ukraine peace talks, including natural resources and banking entities. However, Trump has not yet signed the proposal to sanction Russia.Market news: The U.S. Food and Drug Administration (FDA) has requested the withdrawal of some recently fired employees who were responsible for renewal negotiations for the drug user fee program.The Dow Jones Industrial Average closed at 41,317.43 on May 2 (Friday), up 564.47 points, or 1.39%. The S&P 500 closed at 5,686.68 on May 2 (Friday), up 82.54 points, or 1.47%. The Nasdaq Composite closed at 17,977.73 on May 2 (Friday), up 266.99 points, or 1.51%.On May 3, according to the Wall Street Journal, the incoming Federal Reserve Vice Chairman of Supervision, Bowman, is seeking to reassess confidential ratings of the health of large banks. In a speech in February this year, she questioned the Feds recent regulatory ratings, saying that there was a "strange mismatch" between the Feds view of the financial condition of large banks and the unsatisfactory ratings given to many of them last year. According to people familiar with the matter, the Federal Reserve has not yet announced new regulatory ratings for U.S. banks with assets of $100 billion or more. Usually, the Federal Reserve will announce these ratings privately before the end of March. Some people familiar with the matter said that the Federal Reserve is planning to wait until the Senate confirms Bowmans new position. It is reported that the Federal Reserve has begun the process of determining next years ratings, and Bowman is expected to change the way the Federal Reserve calculates scores.

USD/CAD Price Analysis: Loonie Bulls Strengthen as Ascending Triangle Collapses to the Bottom, 1.2400 Targeted

Drake Hampton

Apr 21, 2022 09:37

Since April 14, the USD/CAD pair has had a steep decline following repeated failed efforts to reach a price over 1.2647. The asset has fallen below 1.2500 and appears to be headed for further decline given the price movement.

 

On the downside, an explosion of the ascending triangle chart formation undermined the greenback bulls. The chart pattern's horizontal resistance is drawn from the April 14 high of 1.2642, while the ascending trendline is drawn from the April 14 low of 1.2521. After breaching below the ascending triangle, the asset demonstrated a textbook case of selling.

 

A bear cross of the asset's 20- and 200-period Exponential Moving Averages (EMAs) at 1.2596 sparked a sharp sell-off.

 

The Relative Strength Index (RSI) (14) is swinging in a negative range of 20.00-40.00, indicating that a slight drop is possible as an oversold condition kicks in.

 

Investors should look for a pullback to the 20-EMA at 1.2520, which will provide the best opportunity to sell. After touching the 20-EMA, the asset will be dragged towards March's low of 1.2430, followed by round-level support at 1.2400.

 

On the other hand, bulls of the greenback may reassert control if the asset surpasses Friday's low of 1.2590, which would push the pair toward April 14 and April's highs of 1.2642 and 1.2676, respectively.

USD/CAD Hourly Chart

image.png 


Suggestion