Technical Analysis: USDCAD

USDCAD reached a two-month high

On Wednesday, USDCAD continued climbing, and came close to the 1.390 mark. It ended up 0.42% at a two-month high of 1.3897.

The USDX climbed for three consecutive days

On Wednesday, the USDX continued rising, ending up 0.33% at 99.53. It closed in positive territory for the third straight trading day.

Canada current account failed to meet market expectations in the first quarter

Canada Current Account (Quarter 1) fell from -1,010 million Canadian dollars to -7,180 million Canadian dollars Vs. -4,700 million Canadian dollars (forecast), according to the data from the Statistics Canada.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that USDCAD will rise further. Investors should focus on whether USDCAD will break through the resistance at 1.397. It will jump further with potential resistance at 1.408 if it breaks above 1.397.

4-hour chart

On the 4-hour chart, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USDCAD will break through the support at 1.387. It will rise if it retreats but is stable above 1.387.

Key resistance: 1.397,1.408

Key support: 1.387,1.383

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as USDCAD retreats during the day.