NEWS: USDCAD price is rising 0.4%. The USDCAD pair is rising sharply after Canada reported lower than expected inflation data, indicating a higher likelihood of the Central Bank holding rates again at the next meeting. This has put negative pressure on the CAD.
Possible Scenarios:
If USDCAD fails to breach through R2 of 1.37278, our Research Department expects the USDCAD to undergo a short- term downward correction.
If USDCAD manages to break above its R2 of 1.37278, our Research Department expects the USDCAD to extend its gains to its R3 of 1.37589.
Support and Resistance Levels:
USDCAD |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
1.35517 |
1.35827 |
1.36138 |
1.36553 |
1.36967 |
1.37278 |
1.37589 |
Potential Profit or Potential Loss Calculations:
10 pips per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $72.87 |
(+/-) €67.62 |
(+/-) £59.7 |
*1 trading lot is equivalent of 100.000 units
**EUR/USD = 1.07764
***GBP/USD = 1.22058
Calculations for exchange rate used as of Tuesday, March 21, 2023, GMT 15:35h