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USD/CAD Technical Analysis April 27


USD/CAD: The Canadian dollar strengthened to its highest level in nearly six weeks against its U.S. counterpart on Monday, as investors focused on underlying factors supportive of the currency and awaited a Federal Reserve policy decision later this week. The price of oil, one of Canada's major exports, settled 0.4% lower at $61.91 a barrel, pressured by fears that surging COVID-19 cases in India will dent fuel demand in the world's third-biggest oil importer.

The USD CAD was trading 0.6% higher at 1.2400 to the dollar, having touched its strongest intraday level since March 18 at 1.2383.

Technical Analysis

The pair is trading below the 50-day moving average at the bottom of the demand area, but we can notice the building of a strong support area at 1.23833, as that area represents a double bottom pattern, so we prefer to buy from that area as the pair tested that area before last March, so we expect some The rise towards 50% Fibonacci 1.5147

Below 1.238, the pair will push towards 1.230 psychological support levels

The trading range today is 65 points

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