CAD is testing the lower end of the past one-year range against USD after BoC governor last week indicated that interest rates may have peaked. What is the outlook for USD/CAD, AUD/CAD, and EUR/CAD?
USD/CAD has been testing a major barrier on the upper edge of a sideways channel since late 2022 . This resistance is strong and may not be easily broken – at least in the first attempt. However, any break above could open the way toward the 2020 high of 1.4675. For the upward pressure to begin fading, USD/CAD would need to fall under the early October high of 1.3785. However, the broader upward pressure is unlikely to ease while it holds above the September low of 1.3375.
AUD/CAD is holding above strong support at the end-2022 low of 0.8600. Still, this wouldn’t necessarily mean that the downtrend is reversing – it could, but for that the cross would need to initially break above the 89-day moving average, coinciding with the upper edge of a declining channel since mid-2023. For a sustained rebound to occur the cross would need to clear the June high of 0.9100.
EUR/CAD has remained sideways for much of this year. However, there is no sign of a reversal of the bullish structure that began last year. The cross holds quite strong support on a horizontal trendline from early 2023, slightly above the lower edge of the Ichimoku cloud on the daily charts . Only a break below 1.4000 would confirm that the upward pressure had faded.
If you're puzzled by trading losses, why not take a step in the right direction? Download our guide, "Traits of Successful Traders," and gain valuable insights to steer clear of common pitfalls that can lead to costly errors.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Bishop McDevitt overcomes slow start to take down Lower Dauphin and complete 10-0 regular seasonThe Crusaders clinched the MPC Keystone Division title and earned a first-round postseason bye.
Weiterlesen »
– Scientists Use Engineered Bacteria To Lower Blood PressureScience, Space and Technology News 2023
Weiterlesen »
Boys graduate high school at lower rates than girls, with lifelong consequencesGirls consistently are outperforming boys, graduating at higher rates at public high schools around the country. Students, educators and researchers say there are several reasons why boys are falling short. Men generally can earn the same wages as women with less education.
Weiterlesen »
Boys graduate high school at lower rates than girls, with lifelong consequencesGirls consistently are outperforming boys, graduating at higher rates at public high schools around the country.
Weiterlesen »
Boys graduate high school at lower rates than girls, with lifelong consequencesGirls consistently are outperforming boys, graduating at higher rates at public high schools around the country
Weiterlesen »
Boys graduate high school at lower rates than girls, with lifelong consequencesGirls consistently are outperforming boys, graduating at higher rates at public high schools around the country.
Weiterlesen »