Dollar - Canadian Dollar Analysis

US Session Analysis for CFD Instruments 21/03/2024

Fundamental analysis

21 March, 2024

During European trading, the US Dollar was steady against the Canadian Dollar, trading around 1.3500 levels.

Canada has no major economic data to report today. Concurrently, the United States Federal Reserve opted to retain the current interest rates. However, the Fed's dot plot suggests the possibility of three 0.25% rate reductions in 2024, followed by further cuts of 0.25% projected for 2025.

Technical analysis

Time Frame: 1 hour

USDCAD Support & Resistance Table - 21/03/2024

Support & Resistance	Level	Explanation
Resistance 2	1.3554	Daily R2
Resistance 1	1.3532	Daily R1
Support 1	1.3473	Daily S1
Support 2	1.3452	Daily S2

USDCAD Indicator Table - 21/03/2024

Indicator	Signal
SMA 20	Sell
SMA 50	Sell
SMA 100	Sell
MACD( 12;26;9)	Buy
RSI (14)	Neutral
Stochastic ( 9;6;3)	Buy

USDCAD Indicator / Period Table - 21/03/2024

Indicator / Period	Day - Sell	Week - Buy	Month - Buy
MACD( 12;26;9)	Buy	Buy	Buy
RSI (14)	Neutral	Neutral	Neutral
SMA 20	Sell	Buy	Buy

USDCAD 21/03/2024 - Reference Price : 1.3509

Sell

Simple Moving Average	Buy (0)	Sell (3)
Technical Indicators - Oscillators	Buy (1)	Sell (1)

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You do not own, or have any interest in, the underlying assets. Fortrade Canada Limited is an Order Execution Only broker, and does not provide investment advice or recommendation. Fortrade is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). Fortrade Canada Limited is authorised to provide CFD trading services in all provinces in Canada except Quebec. Residents of Alberta province are required to be Accredited Investors to trade CFDs.

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