USD/CAD is looking lately to return to above MME 20 at 1. 2690, while the US dollar is broadly solid against a giant basket of currencies.
The US dollar index recently tried to stabilize below 94. 20, but failed to expand enough bearish momentum and recovered to 94. 40. A move above this point will pave the way for tension control at 94. 60, which will be bullish for USD/CAD.
Derivatives trading carries a point of maximum threat to your capital and you deserve that only the industry has cash that it can lose. Derivatives trading may not be right for all investors, so make sure you are consistent with the threats in question and seek a separate recommendation. If necessary. A Disclocertain Product Statement (PDS) can be received on this online page or if requested at our offices and deserves to be considered as before making a transaction with us. $3. 50 commission payment consistent with 100,000 industries. The popular account offered extends from 1 pips with no further commission payments. Spreads on CFD indices start at 0. 4 points. The data on this site is not intended for citizens of any country or jurisdiction where such distribution or use would be contrary to local laws or regulations.
Today, the United States reported that initial jobless claims rose from 351,000 to 362,000 while claims for continued unemployment declined from 2. 82 million to 2. 8 million.
Forex investors have also focused on the dynamics of commodity markets. WTI oil was volatile today, which had a significant effect on USD/CAD dynamics. WTI oil attempted to settle below $73. 50 but lost momentum and recovered to $75. 50.
If WTI oil manages to stabilize above this level, it will move towards resistance close to annual highs at $77, which will be bullish for commodity-related currencies, adding the Canadian dollar.
Usd opposites the controlled CAD to break past EMA 20 at 1. 2685 and heads towards resistance at 1. 2710.
If the USD opposite the CAD manages to settle above the resistance at 1. 2710, it will move to the next resistance point which is at 1. 2730. A move above this point will pave the way for the resistance check near today’s highs of 1. 2760.
On the other hand, the USD opposite the CAD wants to stabilize below EMA 20 at 1. 2685 to have a chance of gaining bearish momentum in the near term. If the USD in CAD is set below EMA 20, it will move towards 1. 2650. A move below this point will push the USD towards the CAD towards EMA 50 near 1. 2640. A successful verification of 50 EMAs will lead to the verification of the next one at 1. 2625.
For a review of all of today’s economic events, check out our economic calendar.