Ultima MarketsMarket analysis: The interest rate decision of the Central Bank of Canada is approaching, and the Canadian dollar may suddenly change...

todayUltima Markets Bringing you 2024year 4month 10The daily exchange rate between US dollars and Canadian dollarsIn depth analysis.

Fundamental points

•   Stable oil prices in Canadian dollarsThe recent rebound in oil prices is a driving factor for the Canadian dollar, which is closely related to oil. The rise in oil prices not only alleviates Canada's external inflationary pressure, but also benefits domestic price stability.
•   Resolution on interest rates by the Central Bank of ChinaThe Bank of Canada will announce its latest interest rate decision tonight. The previous weak employment data in Canada will keep the Bank of Canada cautious. staycrude oilAgainst the backdrop of high interest rates, Canada may not easily adjust its interest rates, and the market expects the Bank of Canada to do so no later than6Monthly interest rate reduction.
  

technical analysis

Daily chart analysis

Daily chart of US dollar to Canadian dollar, sourceUltima Markets MT4）

•   Random oscillation index: The indicator has moved away from the overbought area and is close to it10Trading days, lasting for50Adjustment for oscillations above the median line. Against the backdrop of a strong US dollar, there are still no signs of an increase in indicators, indicating that the bullish strength of the Canadian dollar should not be underestimated.
•   Oscillation intervalUnder the trend of devaluation of non US currencies, the Canadian dollar has withstood pressure and remained in a volatile range.1.3600The area is suppressing further upward exchange rates, while the red color33The daily moving average supports a decline in exchange rates.
  

4Hour chart analysis

(USD to CAD)4Hour chart, sourceUltimaMarkets MT4）

•   Random oscillation indexLong signals appear before the indicator reaches the oversold area, indicating that the market is bullish on the exchange rate in the short term. However, without sufficient adjustment, it is not advisable to easily go long.
•   Fake BreakthroughAfter breaking through resistance levels for a short period of time last week, the exchange rate fell below resistance this week and is currently hindered by33Cycle and65Periodic moving average. If it falls below the support of the moving average again, it is highly likely to confirm that last week was a false breakthrough, and the Canadian dollar may experience an appreciation trend.
  

Trading CentralHub Line Indicators

(USD to CAD)30Minute chart, sourceUltimaMarkets APP）

•   according toUltima Markets APPInTrading CentralHub line indicators, central price range for the day1.3604，
•   1.3604Upward bullish, first goal1.3622Second objective1.3633
•   1.3604Under bearish, first target1.3549Second objective1.3538
  

Disclaimers

The comments, news, research, analysis, pricing, and other information contained in this article can only be considered as general market information and are provided solely to assist readers in understanding the market situation and do not constitute investment advice.UltimaMarketsReasonable measures have been taken to ensure the accuracy of the data, but the accuracy of the data cannot be guaranteed and can be changed at any time without notice.UltimaMarketsWe will not be responsible for any losses or losses (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information.