breaking news USDCAD Breaks Key Midpoint and Swing Zone: Assessing Market Movements and Direction
USDCAD breaks out of bullish and bearish range today
THE USDCAD
USD/CAD
USD/CAD is the currency pair comprising the United States dollar (symbol $, code USD) and the Canadian dollar from Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed to buy one US dollar. For example, when USD/CAD is trading at 1.3500, that means 1 US dollar equals 1.35 Canadian dollars. The US dollar (USD) is the most traded currency in the world, while the Canadian dollar (CAD) is the seventh in the world.
USD/CAD is the currency pair comprising the United States dollar (symbol $, code USD) and the Canadian dollar from Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed to buy one US dollar. For example, when USD/CAD is trading at 1.3500, that means 1 US dollar equals 1.35 Canadian dollars. The US dollar (USD) is the most traded currency in the world, while the Canadian dollar (CAD) is the seventh in the world.
Read this term had considerable experience volatility
Volatility
In trading terms, volatility refers to the amount of change in the rate of an index or asset, such as forex, commodities, stocks, over a given time period. Trading volatility can be a way of describing the fluctuation of an instrument. For example, a highly volatile stock equates to high price swings, while a low volatility stock equates to low price swings. Overall, volatility is an important statistical indicator used by many parties, including financial traders, analysts,
In trading terms, volatility refers to the amount of change in the rate of an index or asset, such as forex, commodities, stocks, over a given time period. Trading volatility can be a way of describing the fluctuation of an instrument. For example, a highly volatile stock equates to high price swings, while a low volatility stock equates to low price swings. Overall, volatility is an important statistical indicator used by many parties, including financial traders, analysts,
Read this term during the first four days of the trading week, with price action reflecting wide swings. The red box in the chart above highlights this week’s trading range, characterized by sharp highs and lows over the first 4 1/2 days. Temporary downside breakouts occurred on Tuesday and Thursday, dipping below the swing zone between 1.36504 and 1.3665 (indicated by numbered blue circles). However, these dips were short-lived and followed by quick rebounds to the upper extremes.
In today’s trading session, the price rose for the first time this week, surpassing the midpoint of 50% of the decline from the March 10 high. Additionally, a new swing zone has emerged near the 50% level between 1.3735 and 1.3745 (marked by numbered green circles in the chart above). This former resistance has now become a support level. Staying above 1.3735 – 1.3745 signals more bullish sentiment.
On the upside, traders should keep an eye on the bullish swing zone between 1.38068 and 1.38164 (indicated by numbered red circles in the chart above) as the market continues to navigate the volatility of this week. The high price hit 1.38039 today about two or three pips from the low of this swing zone.
Ultimately, if the price is rising, a move above this level would have traders looking towards the March high which hit 1.38614.
On the downside, support will be against the 50% retracement level at 137457 and the downside swing zone at 1.37359.
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