Real time, USDCAD Chart Technical Analysis
Breaking down real time technical analysis of USDCAD currency pair as well trending and non trending price movements drilling down into the high’s and lows along with identifying key levels. The foreign exchange spot markets can be perplexing at times so it is imperative to understand the bases of support and resistance as well as recognizing key supply and demand zones within the market. We offer technical analysis and insights on the usdcad pair through dynamic price action perspectives, identifying possible future price probability movements through the practical interpretation of indicators displaying strengths and weakest of this pair. The Canadian dollar known as the “loonie” is a heavily weighed commodity currency with 10% of the countries GDP originating from oil exports. If the USD the base currency pair strengthens against the CAD the cross pair; this could cause the Canadian dollar price to depreciate in value as well as the opposite perspective occurs; the CAD appreciates against its rival the USD.
Our Technical Analysis of the USDCAD are opinion based synopsis and may provide Traders possible insight into future price probability movements as well as Support and Resistance zones.
UsdCad Technical Analysis February 23, 2021
- USD CAD Whip saws after High impact U,S, Economic News
- Bears Take Control 57 pip move to the downside
USD CAD Whip saws after High impact Economic News Events Released this morning at 10:00 am Fed chair Powell testifies before congress and the senate. Traders Sentiment propelled the pair higher this morning before the news release to a high of 1.26458 and then immediately after the CB Consumer Confidence (Feb) numbers and the Fed Chair’s testimony the U.S. Dollar weaken against the Canadian Looney sending the pair to its lows of the day at 1.2588, 57 pip move to the downside in roughly a 30 minute span.
UsdCad Weekly chart Resistance R1 1.2690
UsdCad Weekly chart Support 1.2610 USDCAD intra high 1.2852 trading below the 14 day MA RSI 32
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