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Focus on USD/CAD Today – 23rd November 2023


Comprehensive USD/CAD Analysis for November 23, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USD/CAD for 23rd November 2023. 


USD/CAD Analysis Key Takeaways

  • Market expectations needs to be adjusted: Yesterday, US data showed that the number of initial jobless claims fell sharply last week, the largest drop since June. At the same time, US inflation expectations for the next one-year period rose to 4.5%. The polarization in employment data and inflation expectations indicates that the Fed may not cut interest rates as early as previously predicted. 
  • Crude oil prices fell: Crude oil prices are still in a downward trend. The OPEC meeting originally scheduled for this weekend was postponed, further weakening market expectations for crude oil production cuts. 

USD/CAD Technical Analysis 

USD/CAD Daily Chart Insights

USD/CAD Daily Chart Insights By Ultima Markets MT4
  • Stochastic Oscillator: The indicator gave a clear short signal yesterday, suggesting that today’s intraday trend may be mainly downward. 
  • Resistance price: The red 65-day moving average and the upward trend line jointly form the resistance area. If the market cannot effectively fall and break through, there will still be a possibility of rebounding and rising. 
  • Price Action: Yesterday, under the pressure of the 5-day and 33-day moving averages, the exchange rate formed a pin bar, implying that shorts have the upper hand, and bulls need to break through yesterday’s high of 1.37658 if they want to clarify the trend. 

USD/CAD 1-hour Chart Analysis

USD/CAD 1-hour Chart Analysis By Ultima Markets MT4
  • Stochastic oscillator: The indicator in the 1-hour period has entered oversold, and the market has a certain probability of consolidation. For short opportunities, you need to wait for the indicator to send out a short signal again before paying attention. 
  • Convergent triangle: The overall trend of market prices has actually formed a convergent triangle structure. But there are two ways to analyze, and both ways also lead to two resistance intervals (black horizontal lines) above and below. A breakthrough in either direction represents the destruction of the triangle structure and the trend direction will be clear. 

Ultima Markets MT4 Pivot Indicator

Ultima Markets MT4 Pivot Indicator For USD/CAD
  • According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.37126, 
  • Bullish Scenario: Bullish sentiment prevails above 1.37126, first target 1.37393, second target 1.37924; 
  • Bearish Outlook: In a bearish scenario below 1.37126, first target 1.36598, second target 1.36331. 

Conclusion 

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