fbpx

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

Fed Stimulus Package 

USDCAD Trades Higher Despite Fed Interest Rate Cut 

March 17, 2020

USDCAD after a weak start on Monday jumped higher despite the emergency rate cut by the Fed yesterday. Federal Reserve, in a surprising move, cut the interest rate by 100 basis points to 0.0%-0.25% in an attempt to combat the coronavirus outbreak. Meanwhile, the crude oil price resumed downtrend as the recession fears increase, and the price is 8.29% lower at $29.14.  

On the technical analysis, the outlook is bullish as the pair trades above all major moving averages. Turbulence in the crude oil and stock markets is USD positive, and higher levels would be possible. The first resistance for the pair stands at 1.3923, the daily high. The next hurdle to the upside would be me at 1.3994, the high from Friday’s trading session. On the other hand, immediate support for USDCAD will be met at 1.3724 today’s low. The next support zone stands at 1.3680, the low from March 11. 

cut
USDCAD Daily Chart

Is this article Helpful?

Total Views: 492
 

Sign up to My Spread

EURUSD

EUR/USD Trades Dovish Today Falling below the 1.18 handle

EUR/USD: The pair is trading with clear dovish bias today as pair fell below 1.18 handle on USD rebound. But positive EU area macro data helped prevent decline below the …

Most Viewed Articles

Most Popular Articles

Technical Analysis

EUR/USD Trades Dovish Today Falling below the 1.18 handle

EUR/USD: The pair is trading with clear dovish bias today as pair fell below 1.18 handle on USD rebound. But positive EU area macro data helped prevent decline below the …

The Daily Fix

Latest Market Commentary

USD/CAD: The Pair is Trading with Clear Positive Bias

USD/CAD: The pair is trading with clear positive bias but still remains below 1.34 mark for now. USD rebound in later European market hours failed to trigger a breakout rally, …

Popular Articles about Trading

No Result found