Forex Trading: USDCAD Technical Analysis – November 06, 2019

The US Dollar (USD) inched higher against the Canadian Dollar (CAD) on Wednesday, increasing of USDCAD to more than 1.3100 after some key economic news releases. The technical bias may stay bearish because of the higher low in the recent upside move.

USD/CAD Technical Analysis

As of this writing, the pair is being traded around 1.3184, the immediate major horizontal resistance that avoids the price from moving further can be noted around 1.3223,  ahead of 1.3272, the 61.8% Fib level and then a trendline resistance of 1.3312, is exhibited in the given below chart.

USDCAD

Conversing with the downside, the support of 1.3114, the 23.6% Fib level which likely prevents the price from further decline ahead of  1.3053,  trendline support and then at 1.3015,  major horizontal support is noted as shown in the given above chart.  The technical bias shall remain bearish as long as 1.3223, resistance level remains intact.

USD Labour Force Participation Rate

In the United States, the Labor Force Participation Rate rose this month to 63.3% compared to the previous month and the economist’s expectation of 63.2%. The data is released from the Labor Statistics Bureau.

The rate of participation is the percentage of the total number of people in the labor force population (either working or looking for a job).

Trade Idea

Considering the general price behavior in the course of the most recent few days, selling the USDCAD around current levels can be a decent choice in the short to medium term as the value pursues the bearish pattern in the progressing upside move.

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