USDCAD Technical Analysis – Energy Stocks Lead TSX


In today’s comprehensive USDCAD technical analysis, we will scrutinize the currency pair’s price action and then meticulously delve into its fundamental analysis.

USDCAD Technical Analysis and Forecast

FxNews – The currency pair is currently near the 1.3375 support level, a key point on the daily chart. This level has often influenced the pair’s price, making it a central focus in our USDCAD technical analysis. Observing the technical indicators, we find that USDCAD is oversold. Consequently, short-selling this pair at the present price is not advisable.

Should the 1.3375 level hold, we might see a price increase, potentially reaching the 23.6% Fibonacci retracement level. The upper boundary of the bearish flag also reinforces this resistance zone.

However, selling the pair remains risky even if the bears keep the price below 1.3375. We monitor the pair for potential consolidation and recovery from its recent losses.

USDCAD Technical Analysis - December-19-2023

USDCAD Technical Analysis – Daily Chart

Energy Stocks Lead TSX

Bloomberg—On Monday, the S&P/TSX Composite index rose by 0.4%, surpassing the 20,620 mark, thanks to strong performance from top energy companies in Toronto. This increase was fueled by attacks on oil tankers in the Red Sea and a drop in Russian oil exports, which boosted oil prices. Shares in oil-related businesses saw an uptick, with Canadian Natural Resources leading the pack with a 1.7% increase, followed by gains of 1.6% and 0.8% in Suncor Energy and Cenovus Energy, respectively.

The financial sector also experienced a slight boost, averaging a 0.4% rise. Investors remained watchful, looking forward to Tuesday’s inflation data for hints about future monetary policy shifts, especially in light of recent assertive statements from BoC Governor Tiff Macklem.

  • 2023-12-19
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