CAD - Canadian dollar is preparing for counterattack

The trend of the U.S. dollar against the Canadian dollar, after the recent consecutive declines in the exchange rate, has also driven the RSI and stochastic index downward. The 5-day moving average is also breaking below the 10-day moving average. It is expected that the U.S. dollar against the Canadian dollar will still retreat further. pressure. Calculated based on the golden ratio, the 50% range is 1.3660, and when extended to 61.8%, it is 1.3615. The next key support is the upward trend line 1.3530. If it falls below, the U.S. dollar may reverse its upward trend since the beginning of the year. The subsequent support levels should be watched at 1.3430 and 1.3370. The current resistance levels are expected to be 1.38 and 1.3860, with the next level pointing to the 1.40.

Forecast range:
Resistance 1.3800 – 1.3860 – 1.4000*
Support 1.3660 – 1.3615 – 1.3530** – 1.3430 – 1.3370

Focus:
Tuesday: Canada’s February GDP (20:30)

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