Dollar - Canadian Dollar Analysis

EU Session Analysis for CFD Instruments 23/10/2024

Fundamental analysis

23 October, 2024

In Asian trading, the US Dollar edged higher against the Canadian Dollar, trading above 1.3800 levels.

The USD/CAD pair moved slightly higher, trading around during the Asian session on Wednesday, as traders awaited the Bank of Canada interest rate decision later in the North American session. In Canada the Bank of Canada Interest Rate Decision (3.75% expected) will take place (14:45 GMT+1). In the United States, Fed Member Bowman will speak (14:00 GMT+1) and Existing Home Sales data (3.88 mln expected) will be posted (15:00 GMT+1).

Technical analysis

Time Frame: 1 hour

USDCAD Support & Resistance Table - 23/10/2024

Support & Resistance	Level	Explanation
Resistance 2	1.38470	Daily R2
Resistance 1	1.38348	Daily R1
Support 1	1.38024	Daily S1
Support 2	1.37902	Daily S2

USDCAD Indicator Table - 23/10/2024

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

USDCAD Indicator / Period Table - 23/10/2024

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

USDCAD 23/10/2024 - Reference Price : 1.38186

Buy

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