USD/CAD analysis on April 17, 2024
USD/CAD is adjusted near the level of 1.3820 against the background of changes in the dynamics of the US dollar, while Canadian macroeconomic statistics did not support the national currency.
Thus, in March, the consumer price index increased by 0.6% on a monthly basis and from 2.8% to 2.9% on an annual basis, and the base indicator, excluding food and fuel prices, adjusted by 0.5% (mom) and from 2.1% to 2.0% (YoY), which corresponds to according to analysts' forecasts.
The US dollar index reached a record high of 106.10 after the publication of March retail sales data. The volume increased by 0.7% on a monthly basis, exceeding preliminary estimates by 0.4%, and jumped from 2.11% to 4.02% on an annual basis, while the base value accelerated from 0.6% to 1.1%. In addition, industrial production over the same period increased by 0.4% on a monthly basis and moved out of the negative zone to zero.
On the daily chart, USD/CAD moves away from the resistance line of the ascending channel with dynamic boundaries of 1.3750–1.3500.
Technical indicators on Daily confirm the purchase/ the range of EMA fluctuations on the Alligator indicator expands upwards, and the histogram of the awesome oscillator indicator forms corrective bars above the neutral level.
Long positions can be opened after the price is fixed above 1.3850. The nearest target will be 1.3960. We set the stop loss at 1.3800.
Sales will be relevant after the price is fixed below the support level of 1.3780. Here, the target is 1.3610. We place the stop loss at 1.3840.
![USD/CAD chart](/articles_files/files/usdcad_daily-1 (1).webp)