USD/CAD (week of 31-04/06)

Advertiser Disclaimer
Top8forexbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate.Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Top8forexbrokers does not bear any responsibility for any trading losses you might incur as a result of using this data.
Top8forexbrokers or anyone involved with Top8forexbrokers will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Weekly Summary

US Dollar/Canadian Dollar bounces 77 pips from 6 years low .

A flat end to the trading week, USD/CAD recovered back to 1.2083 after dipping down to 1.2005 in a week that started at 1.208. (Start trading US Dollar/Canadian Dollar at FXTM today).

This limbo state for US Dollar/Canadian Dollar is reflected by market data published as United States Crude Oil Inventories published yesterday at 3:00 PM came out at -5.08 million, falling short of the -2.44 million projections and continuing its decline from the previous -1.66 million figure. Data for United States ISM Non-Manufacturing PMI (May) released yesterday at 2:00 PM comes out at 64, beating projections of 63 and showing improvement over the preceding figure of 62.7. Data for United States ADP Nonfarm Employment Change (May) released yesterday at 12:15 PM comes out at 978,000, beating projections of 650,000 and showing improvement over the preceding figure of 654,000.

At the same time, mixed performances are seen elsewhere as EUR/NZD climbs to 1.701, a new 4 months high. New 4 months high for EUR/AUD at 1.5851. At 1.3185, USD/SGD is down to its lowest value in 3 months. Dollar/Yen rallies beyond 110.33 for the first time in 2 months. Aussie/Dollar drops to 0.7642, as it hits a 6 weeks low.

Jun. 4, 2021

US Dollar/Canadian Dollar down 25 pips reaching 1.2083, for its four straight negative days

(23:09) GMT

After a mostly steady session US Dollar/Canadian Dollar loses 25 pips, trading at 1.2083. (Trade US Dollar/Canadian Dollar with FXTM now).

This downslide might be related to financial indicators data published earlier as data for United States ISM Non-Manufacturing PMI (May) released yesterday at 2:00 PM comes out at 64, beating projections of 63 and showing improvement over the preceding figure of 62.7. United States Initial Jobless Claims beats expectations of 390,000 with new data release of 385,000. This is also a step forward from the previous data of 405,000.

On the flip side United States Crude Oil Inventories fall short of the -2.44 million projections, with -5.08 million and continued its downward trajectory from previous figure of -1.66 million.

As the day reaches an end a chart visual study suggests US Dollar/Canadian Dollar immediate support is around 1.2034, resistance level is at 1.2161. In terms of trend indicators, we can see that at 1.2085, US Dollar/Canadian Dollar made an initial breakout below the 21 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the upper Bollinger band at 1.2147, indicating a further downward move might be next.

Overall, looking at the technical analysis landscape, it seems US Dollar/Canadian Dollar is likely to continue pointing down in the short term.

In the meantime negative performances are also seen in other symbols, Dollar/Yen lost 69 pips (0.7%), making its largest single-day drop since November 2020.

However positive performance can be seen looking at other symbols as EUR/AUD rallies beyond 1.5847 for the first time in 4 months.

follow us: