Ultima Markets[Market Analysis] Reaching Support Level, Employment Data or CAD Assistance...

todayUltimaMarkets Bringing you 2024year 5month 10The daily exchange rate between US dollars and Canadian dollarsIn depth analysis.

Fundamental points

• Employment numbersToday, Canada released employment data. The Canadian job market seems to still be resilient in recent times, with wage growth slowing down in the past month, but the overall trend is relatively hot. Strong employment data means CanadaGDPIt will improve, and there will be further appreciation momentum for the Canadian dollar at that time.
• Financial Stability ReportThe Bank of Canada's Financial Stability Report states that if interest rates do not meet market expectations, some asset prices may suddenly experience a correction. market More and more attention is being paid to when and by how much interest rates will decrease. This has reignited risk appetite and pushed up asset prices.
  

technical analysis

Daily chart analysis

Daily chart of US dollar to Canadian dollar, sourceUltimaMarkets MT4）

• Random oscillation index: Indicator in50The hovering around the median line suggests that the current exchange rate is in a period of uncertainty between long and short positions. During clear periods of volatility, it is necessary to pay attention to the resistance above and below in order to engage in short-term trading.
• Oscillation intervalThe exchange rate is currently blocked by the red33The daily moving average is also a key support resistance transition area in the early stage. Above is a clear green downward trend line, and the exchange rate will mainly exhibit a fluctuating trend before effectively breaking through this range.
  

4Hour chart analysis

(USD to CAD)4Hour chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicator has entered the oversold area, and the short-term trend of the Canadian dollar is mainly upward. Be cautious of intraday indicators issuing bullish signals, as there may be a probability of a rebound in the exchange rate.
• Lower support positionThe US dollar against the Canadian dollar is currently at the bottom of the downward channel, which is also a dashed line200Near the cyclical moving average. There is a probability of a rebound adjustment in the exchange rate. But if the exchange rate continues to break, the downward space will open up, and the US dollar against the Canadian dollar may experience a deep adjustment.
  

Trading CentralHub Line Indicators

(USD to CAD)30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day1.3705，
• 1.3705Upward bullish, first goal1.3720Second objective1.3735
• 1.3705Under bearish, first target1.3645Second objective1.3630
  

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.