The oil benchmarks could lead the movement of USDCAD to watch it forming lower high at 1.4323 with WTI having higher low near $29.25.
CAD has been exposed to massive selling across the broad in the beginning weeks of this year tracking the oil prices slide which can erode the Canadian exports value causing financial pressure on the Canadian economy.
On the oil prices slide, BOC has revised down its 2016 GDP forecast to only 1.4% from 2% last week but it decided to disappoint the odds of watching another interest rate cutting by keeping the interest rate unchanged at 0.5% driving USDCAD down below 1.45 to start having its daily Parabolic SAR (step 0.02, maximum 0.2) above the trading rate and today is the day number 5 of continued being above the trading rate reading 1.4606.
USDCAD daily RSI-14 is in the middle of the neutral territory reading 50.359, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the oversold area below 20 area reading 19.320 and also its signal line which is reading now 15.811.
Important levels: Daily SMA50 @ 1.3837, Daily SMA100 @ 1.3506 and Daily SMA200 @ 1.3074
S&R:
S1: 1.4042
S2: 1.3895
S3: 1.3811
R1: 1.4323
R2: 1.4687
R3: 1.4946
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
CAD has been exposed to massive selling across the broad in the beginning weeks of this year tracking the oil prices slide which can erode the Canadian exports value causing financial pressure on the Canadian economy.
On the oil prices slide, BOC has revised down its 2016 GDP forecast to only 1.4% from 2% last week but it decided to disappoint the odds of watching another interest rate cutting by keeping the interest rate unchanged at 0.5% driving USDCAD down below 1.45 to start having its daily Parabolic SAR (step 0.02, maximum 0.2) above the trading rate and today is the day number 5 of continued being above the trading rate reading 1.4606.
USDCAD daily RSI-14 is in the middle of the neutral territory reading 50.359, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the oversold area below 20 area reading 19.320 and also its signal line which is reading now 15.811.
Important levels: Daily SMA50 @ 1.3837, Daily SMA100 @ 1.3506 and Daily SMA200 @ 1.3074
S&R:
S1: 1.4042
S2: 1.3895
S3: 1.3811
R1: 1.4323
R2: 1.4687
R3: 1.4946
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
USDCAD formed a lower high at 1.4323 by tracking the oil prices
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