Canadian Dollar Plummets as USD Safe-Haven Demand Surges
- Reasons for CAD Decline: This week, the Canadian Dollar faced significant depreciation due to a surge in investor demand for the US Dollar as a safe-haven asset, despite a rebound in West Texas Intermediate (WTI) prices, indicating a temporary break in the traditional correlation between oil and the CAD, driven by prevailing global risk sentiment.
- Technical Analysis Signals: The USD/CAD exchange rate breached key technical resistance levels, signaling strong bearish sentiment towards the CAD, particularly in the context of escalating geopolitical tensions and concerns over slowing global growth.
- Impact of Oil Price Rebound: Although Brent and WTI crude oil prices rebounded due to OPEC+ supply discipline and unexpected inventory draws, this recovery failed to positively impact the CAD, highlighting its vulnerability to external shocks and underscoring the influence of macroeconomic and geopolitical risks on currency valuations.
- Future Outlook: The depreciation of the CAD has mixed implications for the Canadian economy, making exports more competitive while increasing import costs and contributing to inflation; future developments will depend on the Bank of Canada's policy shifts and global economic indicators to assess the CAD's recovery potential.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 1 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0153 | 0.0232 | 0.0295 | 0.0374 | 0.0437 | 0.0516 | 0.0579 |
| Fibonacci | 0.0232 | 0.0286 | 0.032 | 0.0374 | 0.0428 | 0.0462 | 0.0516 |
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