# USDCAD Resistance Turned Support (Apr 05, 2017) Source: https://www.tradersway.com/resources/market-info/usdcad-resistance-turned-support-apr-05-2017/ Language: en Updated: 2017-04-05 Description: Explore USDCAD Resistance Turned Support (Apr 05, 2017). USDCAD. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. USDCAD recently broke out of its range and reached the 1.3450 minor psychological resistance before pulling back down to the broken resistance. Applying the Fib tool on the latest swing low and high shows that the 38.2% level is close to the area of interest and might keep losses in check. If so, USDCAD could head back to the swing high or much higher. However, the 100 SMA is still below the longer-term 200 SMA on this time frame so the path of least resistance is to the downside. Stochastic is indicating oversold conditions and is turning higher, though, suggesting that bullish pressure could return. A bit of bullish divergence can be seen as well since price made higher lows while stochastic had lower lowers. Economic data from the US turned out stronger than expected as the trade balance printed a narrower deficit due to stronger export activity. As for Canada, its trade balance slipped from a surplus of 0.4 billion CAD to a deficit of 1.0 billion CAD. The FOMC minutes are up for release in the US trading session and hawkish remarks could allow the dollar to regain ground. On the other hand, disappointment over the lack of conviction when it comes to future rate hikes could mean losses for the US currency. ![USDCAD Resistance Turned Support (Apr 05, 2017)] The US ISM non-manufacturing PMI and ADP non-farm employment change are also lined up, and these could provide hints on how the NFP report due on Friday could turn out. Meanwhile, US crude oil inventories data could show a draw of 0.1 billion barrels in stockpiles which might be positive for crude oil and the correlated Loonie. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/usdcad-resistance-turned-support-apr-05-2017/#primary", "url": "https://www.tradersway.com/resources/market-info/usdcad-resistance-turned-support-apr-05-2017/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/usdcad-resistance-turned-support-apr-05-2017/", "headline": "USDCAD Resistance Turned Support (Apr 05, 2017)", "inLanguage": "en", "datePublished": "2017-04-05T09:22:55+00:00", "dateModified": "2017-04-05T09:22:55+00:00", "articleSection": "Market Info", "description": "Explore USDCAD Resistance Turned Support (Apr 05, 2017). USDCAD. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding.", "image": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/og-default.png" }, "author": { "@type": "Organization", "@id": "https://www.tradersway.com/#organization" }, "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": [ "Organization", "FinancialService" ], "@id": "https://www.tradersway.com/#organization", "name": "Trader's Way", "alternateName": "TradersWay", "legalName": "TW Corp LLC", "description": "Trader's Way is the trading brand of TW Corp LLC, a company registered in Anguilla under number A000001731. It provides online leveraged trading in forex, metals, energies, stock indices and cryptocurrencies through MetaTrader 4, MetaTrader 5 and cTrader, with Market execution, a 40% stop out level and a minimum initial deposit of 10 USD. The company holds no financial services licence and does not direct its services to residents of the United States or the United Kingdom.", "url": "https://www.tradersway.com", "foundingDate": "2011", "logo": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/logo-square-512.png" }, "address": { "@type": "PostalAddress", "streetAddress": "No. 9 Cassius Webster Building, Grace Complex", "postOfficeBoxNumber": "1330", "addressLocality": "The Valley", "postalCode": "AI-2640", "addressCountry": "AI" }, "contactPoint": { "@type": "ContactPoint", "contactType": "customer support", "email": "support@tradersway.com" }, "areaServed": "Worldwide, excluding the United States and the United Kingdom", "knowsAbout": [ "Foreign exchange trading", "Contracts for difference", "Leveraged trading", "Precious metals trading", "Energy commodities trading", "Stock index trading", "Cryptocurrency trading", "MetaTrader 4", "MetaTrader 5", "cTrader" ], "sameAs": [ "https://www.trustpilot.com/review/www.tradersway.com", "https://www.forexpeacearmy.com/forex-reviews/8129/tradersway-forex-brokers", "https://www.youtube.com/channel/UChRC072YJGlNNNYhg_0hZeA", "https://www.facebook.com/tradersway.forex.broker", "https://twitter.com/TradersWay", "https://www.instagram.com/traderswayforex/", "https://t.me/tw_eng" ], "identifier": { "@type": "PropertyValue", "propertyID": "Anguilla company registration number", "value": "A000001731" }, "location": { "@type": "Place", "address": { "@type": "PostalAddress", "streetAddress": "Radnicka 147", "addressLocality": "Valjevo", "postalCode": "14000", "addressCountry": "RS" } } }, { "@type": "WebSite", "@id": "https://www.tradersway.com/#website", "url": "https://www.tradersway.com", "name": "Trader's Way", "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": "BreadcrumbList", "@id": "https://www.tradersway.com/resources/market-info/usdcad-resistance-turned-support-apr-05-2017/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.tradersway.com/" }, { "@type": "ListItem", "position": 2, "name": "Resources", "item": "https://www.tradersway.com/resources/" }, { "@type": "ListItem", "position": 3, "name": "Market Info", "item": "https://www.tradersway.com/resources/market-info/" }, { "@type": "ListItem", "position": 4, "name": "USDCAD Resistance Turned Support (Apr 05, 2017)", "item": "https://www.tradersway.com/resources/market-info/usdcad-resistance-turned-support-apr-05-2017/" } ] } ] } ``` ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Person", "@id": "https://www.tradersway.com/#wayne-mcdonell", "name": "Wayne McDonell", "jobTitle": "Chief FX Strategist", "description": "Chief FX Strategist at Trader's Way, trading forex publicly since 2004. His analysis has appeared in the Wall Street Journal, Bloomberg Television, Fox Business, Futures Magazine and FOREX Journal Magazine. Author of \"Strategic and Tactical Forex Trading\".", "worksFor": { "@id": "https://www.tradersway.com/#organization" }, "knowsAbout": [ "Foreign exchange market", "Technical analysis", "Fundamental analysis", "Forex trading strategy" ], "sameAs": [ "https://www.youtube.com/c/tradersway" ] }, { "@id": "https://www.tradersway.com/#organization", "employee": { "@id": "https://www.tradersway.com/#wayne-mcdonell" } } ] } ```