USD / CAD overview of April 12, 2021
On Monday, USD / CAD is recovering from last week’s decline and is currently trading at 1.2565.
Yesterday’s statement by Jerome Powell encouraged investors and the USD started to rise. The head of the FRS noted that the economy of the United States is recovering at a good pace, which is confirmed by the statistics of the labor market. The Federal Reserve believes that economic prospects will continue to improve, and this year’s GDP growth will reach 6-7 %% while unemployment drops to 4-5 %%.
The Canadian dollar remained neutral despite a significant deterioration in the epidemiological situation in the country. On Friday, 4,249 infected were identified in the province of Ontario alone. The Prime Minister of the country asks citizens to stay at home and proposes to strengthen restrictive measures in a number of regions.
Technical Analysis USD / CAD
For H4 USD / CAD has marked a sideways corridor. Nevertheless, the averages of the Alligator Indicator are spreading down, while the awesome oscillator is in a negative range and is forming downward bars.
If the downward movement continues, you should wait for the price to fix below 1.2513 and only after that open sells with a take profit of 1.2376. The stop loss will be placed at 1.2580.
Continuation of growth with the exit from the “sideways” will be indicated by the price fixing above 1.2583. From here we move on to buying with a target level of 1.2640. Move the protective stop to 1.2540.