Home Analysis USD/CAD edged lower in European session

USD/CAD edged lower in European session

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USDCAD edged lower in European session - forexspacex.com

The USD/CAD is trading in a bearish territory during the course of the European trading session on Wednesday, ahead of the major economic events of the month. The federal open market committee is set to release its monetary policy statement to counter the rising core inflation data. From a technical perspective, 1.35600 is the first pivot on the hourly chart. An aggressive rate hike would be harmful to the Canadian dollar and the dollar could stage a rebound from the current level. Therefore, one must look for potential buying opportunities in USD/CAD below the 1.35600 level.

Important pivots to consider in daily timeframe

NameS3S2S1Pivot PointsR1R2R3
Classic1.35751.35831.35931.36021.36121.36211.3631
Fibonacci1.35831.35911.35951.36021.36091.36131.3621
Camarilla1.36001.36021.36031.36021.36071.36081.3610
Woodie’s1.35771.35841.35951.36031.36141.36221.3633
DeMark’s1.35981.36041.3617

Ref link


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