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
30 Jul 2021

USD/CAD Price Analysis: Remains poised to test 100-DMA, focus on US/Canadian data

  • USD/CAD drops further to hit three-week lows below 1.2450.
  • Bears target 100-DMA at 1.2368 amid renewed downside pressure.
  • RSI remains below the midline, allowing room for more declines.
  • Key US, Canadian data in focus for fresh direction on the major.

USD/CAD is extending the recent downtrend into the third straight day on Friday, hitting the lowest levels in three weeks near 1.2430, as the selling pressure remains unabated amid a recovery in WTI prices and easing US dollar.

WTI recaptures ground above $73.50 amid a calmer risk tone while the US dollar resumes its downside, fuelled by the dovish Fed stance and a big miss on the US Q2 GDP figure.

Traders now look forward to the US PCE inflation and Canadian GDP data releases for fresh trading opportunities in the major.

From a near-term technical perspective, USD/CAD remains vulnerable, especially after it faced rejection at the 200-Daily Moving Average (DMA) at 1.2605 earlier this week.

The downside momentum picked up pace after the spot closed Thursday below the 21-DMA at 1.2520, which opened floors for deeper declines.

The bears now target 1.2400, below which the horizontal 100-DMA at 1.2368 could come into play.

The 14-day Relative Strength Index (RSI) trades flat but remains below the midline, suggesting that there is room for more declines.

USD/CAD: Daily chart

Alternatively, the bulls need to find acceptance above the daily highs of 1.2472 to recapture the 1.2500 round number.

The price will face resistance at the abovementioned 21-DMA. The next relevant resistance will be then seen at the 1.2550 psychological level.

USD/CAD: Additional levels

 

Jul 30, 2021

Portugal Gross Domestic Product (YoY): 15.5% (2Q) vs -5.4%

Portugal Gross Domestic Product (YoY): 15.5% (2Q) vs -5.4%
Read more Previous
Jul 30, 2021

China's Politburo: Will keep yuan exchange rate basically stable

Commenting on the economy and policy, China's Politburo said that they “will keep the yuan exchange rate basically stable.” Additional quotes “Will ke
Read more Next