Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
New articles
New article comments
Latest activity
Earn Money
Money apps
Passive Income
Paid Survey
Forex
Stock
Real estate
Paid to write
Social Media Earning
Review Website/Apps
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Retirement
Personal loan
Savings for Students
Debt help
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Make Money Online
Forex
RoboForex - roboforex.com: overview, news and analytics
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="RoboForex Team, post: 335814, member: 105160"] [B][SIZE=18px]USD/CAD: Analysis of the Current Trend and Expert Forecasts for 2024[/SIZE][/B] [CENTER][IMG]https://blog.roboforex.com/wp-content/uploads/2024/01/22.09.23.jpg[/IMG] [B]Dear Clients and Partners,[/B][/CENTER] USD/CAD is among the most sought-after currency pairs in international trade. On 25 January, we examined the key factors influencing the pair’s exchange rate, analysed the dynamics of price changes in 2023, conducted a technical analysis of its chart, and explored expert forecasts for 2024-2025. [SIZE=18px]Overview of the USD/CAD currency pair[/SIZE] USD/CAD shows the ratio of the US dollar (USD) to the Canadian dollar (CAD). Its quotes indicate how many Canadian dollars must be paid for one US dollar. When the pair exchange rate rises, this means that the US dollar is strengthening against Canada’s currency. When the exchange rate drops, this signals that the Canadian dollar is on the rise against the US dollar. [B]Trading characteristics of the USD/CAD pair[/B] [LIST] [*]The currency pair is traded around the clock from Monday to Friday, with significant trading volumes and maximum volatility during the American trading session. During this period, the US and Canada release the most crucial economic statistics that have a significant impact on the pair's exchange rate [*]USD/CAD is quite volatile, characterised by average daily movements ranging from 800 to 1,000 pips. During periods of intense global market movements, the pair’s volatility may increase to 2,000-3,000 pips per day in the short term [*]USD/CAD is one of the major currency pairs, which is why the spread is small, thanks to its popularity and high liquidity. In a typical market environment, the spread ranges from 10 to 15 pips in popular ECN accounts [/LIST] [B]The Bank of Canada’s monetary policy[/B] The Bank of Canada has actively combated mounting inflation from March 2022 to July 2023 by tightening its monetary policy. It is worth noting that the interest rate was raised nine times over this period, with the last increase at a meeting in July 2023. Since then, the rate has remained at 5%. The interest rate hikes have supported the Canadian dollar exchange rate. In its monetary policy, the Bank of Canada focuses on achieving the inflation target of 2%. The country’s CPI decreased in the second half of 2023, falling from 8.4% in July 2023 to 3.4% in January 2024. [SIZE=18px]2023 USD/CAD price market outlook[/SIZE] The pair showed mixed trends in 2023, starting the year at 1.3545. During the subsequent months, quotes ranged from 1.3100 to 1.3900. With no clear long-term trend observed during the year, the price underwent local movements within the above range. The decline in the quotes was attributed to the Bank of Canada’s rate hike policy and stable oil prices, which remained above 70 USD per barrel, supported by the OPEC+ restrictive policy. A growth driver for the pair’s exchange rate was the Federal Reserve’s interest rate hike policy and the strengthening of the US dollar against other currencies. [SIZE=18px]Strategies for Trading USD/CAD[/SIZE] [LIST] [*]Trading with fundamental analysis. This approach involves analysing factors such as the publication of economic statistics, expectations of interest rate changes, or the current trend in global stock and commodity markets. Typically, this is a long-term trading strategy, with positions held for several weeks to a year or more [*]Trading with technical analysis. This trading method is based on carefully analysing the currency pair's chart. Classical technical analysis is applied here (trend lines, price patterns, support, and resistance levels), along with various proprietary methods, candlestick combinations, Price Action patterns, and others. Usually, trading with technical analysis tools has a medium-term or short-term nature [*]Trading with indicators. This trading strategy uses signals from various technical indicators. This can be a single complex indicator or a combination of several simpler ones. Based on their signals, the direction of trading, entry, and exit points are determined. Indicator signals can be applied for automating trading in specialised programs – advisors [/LIST] [URL='https://blog.roboforex.com/blog/2024/01/26/usd-cad-forecast/?utm_source=trendri.com&utm_medium=listing&utm_campaign=rf_en_blog&utm_contents&utm_content=externalforums+blog+text']Read more at R Blog - RoboForex[/URL] [B]Sincerely, The RoboForex Team[/B] [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Make Money Online
Forex
RoboForex - roboforex.com: overview, news and analytics
Top