Mar. 3, 2021
Start of session at a glance – The USD/CAD price varies between 1.2623 and 1.2644 and settles at 1.263. (Start trading Canadian Dollar at FXTM today).
This limbo state for Canadian Dollar is reflected by market data published as data for Canada GDP Annualized (QoQ) (Q4) released yesterday at 1:30 PM is better than expected at 9.6, but worse than the previous figure of 40.6. Data for Canada's GDP was released yesterday at 1:30 PM suggests a downwards trend at 2.3, while the previous data was 8.9. Data for United States API Weekly Crude Oil Stock released yesterday at 9:30 PM came out at 7.36 million, beating projections of -1.85 million and showing improvement over the preceding figure of 1.03 million.
A Visual analysis of the Canadian Dollar's price graph shows the Canadian Dollar's nearest support level is at 1.2509. In terms of trend indicators, we can see that at 1.2632, Canadian Dollar made an initial breakout below the 5 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the lower Bollinger band is at 1.2546, indicating a positive move might be next.
Overall, technical indicators suggest the Canadian Dollar has no obvious direction for the immediate future.
At the same time, mixed performances are seen elsewhere as After starting the session at 13,588.83, NASDAQ lost 230.04 points and is trading around 13,358.79.
Data to be released later might clear up some of the fog for the Canadian Dollar as Canada Building Permits are projected to outperform the last figure at 3.5, while it previously stood at -4.1, figure will be published today at 1:30 PM. Canada Labor Productivity (QoQ) (Q4) is expected tomorrow at 1:30 PM. United States Crude Oil Inventories seem to be pointing downwards with an expected -928,000 while the preceding figure was 1.28 million, New data will be released today at 3:30 PM.