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Technical Outlook


-The US30 price is near the diagonal resistance of a bearish channel, so traders wait for the breakout or continuous downward movement of the price.

-USDCAD is down by 1.70 after a successful break below off a bearish channel.


The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. The last CPI (YoY) was 6.0%.

The report is due Wednesday, 12 April at 12:30 GMT

US30 Technical Analysis:

The US30 chart shows the price is slightly declining. The price is trading in between the $31655 and $34477 major support and resistance. The 50MA crossing above the 200MA formed the golden cross, after which, in 3 trading days, the market went up by 5.92%.

The price is currently trading inside the bearish channel, not breaking the diagonal support or resistance. The price is trading above both the 50 and 200MA, showing the market is up in the short and long term. The RSI line remains at 59.94, signifying a slight inclination toward the overbought sentiment.

As the price is near the bearish channel’s resistance zone, traders must wait for it breaks above it to get sure of BUY calls, also looking at the major resistance just 996 points above. However, if the price does not successfully breaks above the channel, it may continue its downward movement inside the channel.

Pivot Points: US30

  Support  Resistance


Bank of Canada (BOC) governing council members come to a consensus on where to set the rate.Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. Canada’s current interest rate is set at 4.50%.

The report is due Tuesday, 11 April at 14:00 GMT

USDCAD Technical Analysis:

USDCAD shows the market started to rise from February 2, 2023, after forming a double bottom pattern. When it started, it’s up move crossed above the 50MA and halted at $1.31682, where it formed its swing high. The market then saw a pullback when the price came down to $1.36570, followed by again a push phase forming a resistance.

At this point, the price was trading above both the 50 and 200 moving averages. After the lower high formation at $1.38099, the sellers entered the market, pushing the price down significantly by 1.70%. The price here formed support($1.34041). Currently, the price is trading below the 50MA and above the 200MA signaling the trend may turn bearish. The RSI line is at 42.08, showing neutral overbought and oversold condition. However, there is no divergence in the current scenario.

Traders must wait for the proper trend to form while also looking into the confluence.

Pivot Points: USDCAD

Support Resistance

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