We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood

We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details

Trader Affiliates

Market News USD/CAD Price Analysis: Tests The Upward Breach Around 1.3500

USD/CAD Price Analysis: Tests The Upward Breach Around 1.3500

As investors become risk-averse, the USD/CAD is trying a recovery move after establishing a buffer around 1.3480. The Canadian dollar has detected buying interest near 1.3470, the region where the asset broke out. It is anticipated that Canada's core inflation would increase to 5.5% from 5.4% previously reported.

Alina Haynes

2023-02-20

12219

USD:CAD.png

After accumulating a cushion near 1.3470 in the early Asian session, the USD/CAD pair has tried a rebound. The Canadian dollar is seeking to prolong its recovery as the risk aversion theme gains traction following a U.S. warning to China for providing military support to Russia in its conflict with Ukraine.

Although the US markets will be closed on Monday in observance of Presidents' Day, investors should prepare for volatility. The US Dollar Index (DXY) has detected a cushion around 103.50, with additional movement dependent on conversations over the resurgence of US inflation worries. Tuesday's announcement of the Canadian Consumer Price Index (CPI) will give direction for the Canadian Dollar.

Canada’s core inflation that strips out oil and food costs is seen higher at 5.5% vs. the earlier release of 5.4% on an annual basis. But the annual headline CPI is anticipated to decrease to 5.7% from 6.3% in the same period last year.

After a fall to near 1.3470 on a two-hour time frame, where the asset achieved a breakout on Friday, USD/CAD has detected buying interest. A test and reversal following a breakout encourages further gains to the upward.

Around 1.3466, the 20-period Exponential Moving Average (EMA) is providing significant support for the US Dollar.

Meanwhile, the Relative Strength Index (RSI) (14) is aiming to retake the bullish area of 60.00-80.00 ahead.

In the future, a break over the high of February 20 at 1.3483 will propel the asset toward the high of January 19 at 1.3521 and then the low of January 6 at 1.3538.

In contrast, a decline below the low of February 13 at 1.3325 will drive the Loonie asset toward the low of February 2 at 1.3262. A decline below this level would expose the asset to the 1.3226-point horizontal support drawn from the November 15 low.