Dollar - Canadian Dollar Analysis

EU Session Analysis for CFD Instruments 06/09/2021

Fundamental analysis

06 September, 2021

During Asian trading, the Canadian dollar eased against the US, losing a portion of Friday's gains. NFP data showed a much worse state of the US labor market (than expected) in August, which was a signal that the US Federal Reserve will continue its ultra-light monetary policy in the future. First of all, the Fed will refrain from gradually reducing the program of buying bonds from the open market, an amount of 120 billion dollars a month. That has dragged this currency pair down. At around 08:30, the US dollar is exchanged for 1,2533 Canadian dollars, which represents a weakening of the Loonie by 0,08%. A regular meeting of the Bank of Canada is being held on Wednesday.

Technical analysis

Time Frame: 1 hour

USDCAD Support & Resistance Table - 06/09/2021

Support & Resistance	Level	Explanation
Resistance 2	1.2585	Daily R2
Resistance 1	1.2564	Daily R1
Support 1	1.2509	Daily S1
Support 2	1.2486	Daily S2

USDCAD Indicator Table - 06/09/2021

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

USDCAD Indicator / Period Table - 06/09/2021

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

USDCAD 06/09/2021 - Reference Price : 1.2535

Sell

Simple Moving Average	Buy (0)	Sell (3)
Technical Indicators - Oscillators	Buy (1)	Sell (2)

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