Fundamental and Technical Insights for USD/CAD H4 Chart Analysis

Analyzing USD/CAD H4: Impact of Upcoming Economic Data and Market Trends

The USD/CAD pair, often referred to as the “Loonie,” is a widely traded forex pair representing the exchange rate between the US Dollar and the Canadian Dollar. The USD/CAD news analysis today is heavily influenced by economic data releases and geopolitical events from both countries, making it a popular choice for traders seeking opportunities based on economic indicators and policy announcements. Today’s news for the CAD includes low-impact data such as Manufacturing Sales and Wholesale Sales, both indicative of the current state of the Canadian economy. The Bank of Canada’s Business Outlook Survey, although generally low-impact, provides insights into business sentiment and future economic conditions. As for the USD, the Empire State Manufacturing Index is highly anticipated, with a forecast of -5.5. This index serves as a leading indicator of economic health, and its outcome could significantly impact the USD. Additionally, speeches from Federal Reserve Chair, and FOMC members are expected to provide clues about future monetary policy, potentially introducing volatility to the USDCAD forecast today.

   Chart Notes: 

  • Chart time-zone is UTC (+03:00)
  • Candles’ time-frame is 4h.

The USD/CAD H4 chart shows that the price has entered the Ichimoku Cloud, indicating a potential bullish trend continuation. The Stochastic RSI is in the overbought territory, suggesting a possible correction phase before the bullish trend resumes. Key support levels are found at 1.36251 and 1.36320, while resistance levels are noted at 1.36442 and 1.36528. The Loonie’s price action and the movement within the rising channel indicate a sustained bullish trend for the pair, although traders should be cautious of a pullback given the overbought conditions on the Stochastic RSI.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.