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FX.co ★ USD/CAD outlook for March 8, 2023

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Forex Analysis:::2023-03-08T15:15:51

USD/CAD outlook for March 8, 2023

USD/CAD outlook for March 8, 2023

Today, market participants following the quotes of the Canadian dollar will focus on the release of the interest rate decision (at 15:00 GMT). The Bank of Canada is expected to refrain from steps to tighten monetary policy further, and the interest rate will remain at 4.50%. Also scheduled at the same time is the second speech of Federal Reserve Chairman Jerome Powell in Congress.

USD/CAD outlook for March 8, 2023

USD/CAD rose sharply on Tuesday, gaining 1.00% to hit a new 18-week high at 1.3773. As of writing, the pair is trading near 1.3755, remaining in a long-term bull market zone above key support levels 1.3400 (144 EMA on the daily chart), 1.3315 (200 EMA on the daily chart), 1.3020 (200 EMA on the weekly chart).

Despite Tuesday's strong growth, long positions remain preferable, and the signal for their increase will be the breakdown of today's local high at 1.3773.

USD/CAD outlook for March 8, 2023

Alternatively, the earliest signal to enter short positions is a breakdown of today's local low at 1.3744, and a breakdown of 1.3700 and important short-term support levels 1.3618 (200 EMA on the 1-hour chart), 1.3510 (200 EMA on the 4-hour chart and 50 EMA on the daily chart) can be a confirmation signal. The downside targets are the support levels 1.3400, 1.3315 and 1.3280.

The breakdown of the support level 1.3020 will aggravate the position of the buyers of the pair and increase the risks of its further decline towards the key support level 1.2640 (200 EMA, 144 EMA on the monthly chart), separating the long-term bullish trend of USD/CAD from the bearish one.

Support levels: 1.3700, 1.3618, 1.3510, 1.3450, 1.3400, 1.3315, 1.3280, 1.3200, 1.3020

Resistance levels: 1.3773, 1.3800, 1.3830, 1.3900, 1.3970, 1.4000

Trading scenarios

Sell Stop 1.3730. Stop-Loss 1.3780. Take-Profit 1.3700, 1.3618, 1.3510, 1.3450, 1.3400, 1.3315, 1.3280, 1.3200, 1.3020

Buy Stop 1.3780. Stop-Loss 1.3730. Take-Profit 1.3800, 1.3830, 1.3900, 1.3970, 1.4000

Analyst InstaForex
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