Daily Trading Analysis 13.03.2023

Technical & Fundamental analysis

Trading Analysis of USD/CAD USD/CAD stands on slippery grounds, declining nearly 0.80% intraday to 1.3720 heading into Monday’s European session. In doing so, the Loonie pair sellers cheer the broad US Dollar weakness, as well as the recent recovery in prices of Crude Oil, Canada’s key export item. Our Analysis: While the price is above 1.3640, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3745 Take Profit 1: 1.3800 Take Profit 2: 1.3900 Alternative scenario: If the level 1.3640 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3640 Take Profit 1: 1.3550 Take Profit 2: 1.3470 Learn More Trading Analysis of AUD/USD AUD/USD bulls celebrate the biggest daily gains since early February around the 0.6665-70 hurdle during early Monday in Europe. The Aussie pair’s latest inaction could be linked to its struggle to overcome the five-week-old descending resistance line amid the broadly risk-on mood, as well as the US Dollar weakness.  Our Analysis: Provided that the currency pair is below 0.6800, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6658 Take Profit 1: 0.6550 Take Profit 2: 0.6400 Alternative scenario: In case the level 0.6800 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6800 Take Profit 1: 0.6900 Take Profit 2: 0.7000 Learn More Fundamental Trading Analysis of Ethereum It may seem like an eternity since Ethereum hit its all-time high of $4,644.33, but that was only a year and a half ago. Our Analysis: As long as the price is above 1400.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1601.04 Take Profit 1: 1680.00 Take Profit 2: 1790.00 Alternative scenario: If the level of 1400.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1400.00 Take Profit 1: 1340.00 Take Profit 2: 1260.00 Learn More Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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