USD/CAD: growth on the back of a rally in oil markets
Current trend
The US dollar shows mixed trading dynamics against the Canadian currency during the morning session, trading near local lows from January 26, updated the day before. Currently, USD/CAD is trying to consolidate below the support level of 1.2590. Trading activity at the beginning of the week remains restrained, as the macroeconomic calendar does not contain significant releases, and the situation around the conflict in Ukraine is changing slightly, so traders will focus on the development of commodity markets and the dynamics of Treasury bond yields.
Meanwhile, the EU countries are going to discuss a new package of possible sanctions against the Russian economy this week. Among other things, analysts argue that the issue of a complete embargo on Russian energy resources may be considered, but the position of European states on this issue is not unambiguous. The Baltic countries are in favor of a ban, while Germany's position remains restrained as official Berlin is reluctant to refuse supplies, fearing for its energy security and a change in the energy balance. France's rhetoric may turn out to be decisive in this matter, but even in this case, one should not count on a quick decision. Earlier, EU High Representative for Foreign Affairs and Security Policy Josep Borrell confirmed the preparation of the fifth package of sanctions against Russia and the discussion of the possibility of imposing an embargo on the supply of "black gold" from this country.
Today, investors are waiting for the release of statistics on the Industrial Product Price and Raw Material Price Index for February in Canada. Also during the day, Canada's Annual Budget Release is due.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range expands, making way to new local lows for the "bears". MACD is declining keeping a weak sell signal (located below the signal line). Stochastic, being in the oversold area, is trying to reverse upwards, signaling in favor of the development of corrective growth in the ultra-short term.
Resistance levels: 1.2600, 1.2650, 1.2700, 1.2750.
Support levels: 1.2558, 1.2500, 1.2450, 1.2400.
The US dollar shows mixed trading dynamics against the Canadian currency during the morning session, trading near local lows from January 26, updated the day before. Currently, USD/CAD is trying to consolidate below the support level of 1.2590. Trading activity at the beginning of the week remains restrained, as the macroeconomic calendar does not contain significant releases, and the situation around the conflict in Ukraine is changing slightly, so traders will focus on the development of commodity markets and the dynamics of Treasury bond yields.
Meanwhile, the EU countries are going to discuss a new package of possible sanctions against the Russian economy this week. Among other things, analysts argue that the issue of a complete embargo on Russian energy resources may be considered, but the position of European states on this issue is not unambiguous. The Baltic countries are in favor of a ban, while Germany's position remains restrained as official Berlin is reluctant to refuse supplies, fearing for its energy security and a change in the energy balance. France's rhetoric may turn out to be decisive in this matter, but even in this case, one should not count on a quick decision. Earlier, EU High Representative for Foreign Affairs and Security Policy Josep Borrell confirmed the preparation of the fifth package of sanctions against Russia and the discussion of the possibility of imposing an embargo on the supply of "black gold" from this country.
Today, investors are waiting for the release of statistics on the Industrial Product Price and Raw Material Price Index for February in Canada. Also during the day, Canada's Annual Budget Release is due.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range expands, making way to new local lows for the "bears". MACD is declining keeping a weak sell signal (located below the signal line). Stochastic, being in the oversold area, is trying to reverse upwards, signaling in favor of the development of corrective growth in the ultra-short term.
Resistance levels: 1.2600, 1.2650, 1.2700, 1.2750.
Support levels: 1.2558, 1.2500, 1.2450, 1.2400.
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