Wednesday, May 22, 2019

Fxwirepro from exhaustion Usdcad

Fxwirepro: from exhaustion, Usd / cad nevertheless preserved bovine pulse

  • On Tuesday, the USD / CAD pair reached up as the price of oil, one of the main exports to Canada fell and the dollar strengthened across the board in anticipation of higher Fed rates.
  • Since the rate hike is considered to have no less a fait accompli, investors expect the Fed meeting on Wednesday for only one reason. They are interested in further control steps.
  • Any suggestion that speaks in favor of tighter Fed policy rate hikes up to three times this year, the dollar could throw up.
  • The pair is trading around 1.3459 levels. In the short term, it is set to further advance to 1.3500 and 1.3550 marks.
  • Strong resistance was observed at 1.3525, above which the sample toss before the next pair of resistance lines in the area 1.3600.
  • Instant support is entrenched within 1.3440, a break below which will pave the way to the next level 1.3401.

    resistance levels

    R1: 1.3480 (38.2% correction level)

    R2: 1.3525 (23.6% correction level)

    R3: 1.3600 (the high of December 27)

    support levels

    S1: 1.3440 (50% correction level)

    S2: 1.3401 (61.8% correction level)

    S3: 1.3370 (low of March 6)

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