Canadian Dollar Technical Forecast USD / CAD Holds Silver Profile Before FOMC

USD / CAD Weekly View Bull Polish

  • USD / CAD has risen since the end of October. Printing High low and high elevations on the north trip
  • Prices rebounded slightly earlier this week, but rebounded after failing to break the cluster support near 1.2600.
  • Recent Technical and fundamental bias is positive for USD / CAD.

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Dollar / CAD has risen sharply since the end of October. Broad US dollar strength, Awakened Increase productivity The FOMC is expected to accelerate the pace of monetary policy to cope with rising inflation.

By thThe time in question, ThIt is a popular forex He has a pair went out Over 430 PPs with a minimum of 1.2288 Towards a high of 1.2855 before settling around 1.2720. This huge increase allowed the USD / CAD to record higher, lower, and higher levels respectively. To pass Its 50-day, 100-day, And 200-day simple moving average sharp, constructive signals for price action.

Earlier this week, we saw a slight reversal, but after a failure, the price returned Bundle violation Support in 1,2600 Location, where 100-day SMA convenes in June / August with 38.2% Fibonacci retractation. With The leader of the bullsThere may be some obstacles to the upward movement in the coming days, but to renew the pace of purchase In a convincing way, We need to see a steady rise above 1.2770 resistance. This is worth it Condition USD / CAD may be on the way to test the December high of 1.2855. B 1,2900 Psychological Stage.

Conversely, if the bears reaffirm their position and are able to lower the exchange rate, the first support to Takecare Appears at 1.2600 / 1.2590. in spiteAny Low pressure should be moderate tJesse Stages, sales can accelerate in the event of a breakdown. If this is the case, Sellers may target the 1.2540 area before preparing for the 200-day SMA and 50% retracement near 1.24.80.

From a basic point of view, the stars appear to be in line with the strength of the US dollar in the near future. With US headline inflation hit a 39-year high of 6.8% y / y in November, And policymakers are pleased with the current consumer price hike, the Federal Reserve may announce next week plans to suspend bond purchases ahead of schedule. Fast Question Can record. A.D. Clear the way for the past 2022 and for many price increasesB, an angle result b Green background. It is the FOMC The monetary policy decision is set to be released on Wednesday. in order to Traders should be prepared for a week of higher volatility in real estate.

USD / CAD Technical Chart

Canadian Dollar Technical Forecast USD / CAD holds bullish profile before FOMC

USD / CAD chart prepared using Trading View


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