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Analysis and Education>Technical Analysis: USDCAD

Technical Analysis: USDCAD

06.06.2024

USDCAD climbed for 3 consecutive trading days

On Wednesday, USDCAD rose for the third straight trading day. It ended up 0.11% at 1.3692.


The BOC lowered the interest rate by 25 basis points

On Wednesday, the BOC lowered the benchmark interest rate by 25 basis points to 4.75%. As the first central bank among G7 to carry out the interest rate reduction, the BOC cut the interest rate for the first time in more than four years.

If the inflation growth continues to fall, the BOC will cut the interest rate further, the BOC Governor Tiff Macklem said at the press conference.


The USDX was prone to fluctuation and climbed

On Wednesday, as US company activity index recorded the largest increase in three years, the USDX fluctuated and climbed. It ended up 0.14% at 104.30.


The bullish market trend prevailed in the short term

the Chart of the Day


On the chart of the day, USDCAD continued climbing. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing USDCAD will rise further. Investors should focus on whether USDCAD will break through the resistance at 1.374. It will rise further with potential resistance at 1.378 if it breaks above 1.374.

4-hour chart


On the 4-hour chart, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing the bullish market trend prevailed. Investors should focus on whether USDCAD will break through the support at 1.364. It will rise further if it retreats but is stable above 1.364.

Key resistance: 1.374, 1.378

Key support: 1.364, 1.359

Generally speaking, as the BOC cut the interest rate, USDCAD is more likely to rise further in the short term.

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