Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
6 May 2020

USD/CAD Price Analysis: Bulls in control near session tops, around 1.4100 mark

  • USD/CAD managed to attract some dip-buying near 200-hour SMA.
  • The set-up supports prospects for a move back towards weekly tops.

The USD/CAD pair showed some resilience near 200-hour SMA and managed to attract some dip-buying on Wednesday. The intraday uptick picked up some additional pace during the early North-American session and lifted the pair to fresh daily tops, further beyond the 1.4100 mark.

A sustained move beyond a three-day-old descending trend-channel hurdle, around the 1.4050 region, was seen as a key trigger for bullish traders. The momentum was further fueled by the prevalent strong bid tone surrounding the USD and a fresh leg down in crude oil prices.

Meanwhile, bullish technical indicators on hourly/daily charts remained supportive of the positive move and support prospects for a further near-term appreciating move. Hence, some follow-through strength, back towards weekly tops around mid-1.4100s, now looks a distinct possibility.

On the flip side, any meaningful pullback below the 1.4100 mark now seems to find some support near the 1.4070 area and is followed by 100-hour SMA around the 1.4040 region. However, the key support is pegged near the 1.4020 region (200-hour SMA), which if broken might negate the constructive outlook.

The pair might then turn vulnerable to break below the key 1.40 psychological mark and accelerate the slide further towards the trend-channel support, currently near the 1.3975-70 region. Some follow-through selling would pave the way for a further near-term depreciating move.

USD/CAD 1-hourly chart

fxsoriginal

Technical levels to watch

 

May 6, 2020

US Dollar Index remains firm around 100.00

The US Dollar Index (DXY), which tracks the greenback vs. a basket of its main competitors, keeps the buying interest well and sound for yet another s
Read more Previous
May 6, 2020

USD/ILS: The shekel will maintain its outperformance against the S&P 500 – Credit Suisse

The shekel strengthened significantly against the USD in April but strategists at Credit Suisse now expect USD/ILS to settle in a range between 3.45 a
Read more Next