Forex Trading: USDCAD Technical Analysis – October 07, 2019

The US Dollar (USD) depreciated against the Canadian Dollar (CAD) on Monday, diminishing the cost of USDCAD to under 1.3400 after some key financial news released. The specialized inclination may stay bearish in light of the higher low in the ongoing upside move.

USD/CAD Technical Analysis

As of this writing, the pair is being traded around 1.3319, the trendline support can be noted near 1.3274, ahead 1.3224,  the 38.2%  Fib level support level and then 1.3144, the key horizontal support level as demonstrated in the given below chart.

USDCAD

Coming to the upside, An immediate trendline resistance can be noted around 1.3364, ahead of 1.3415, the 61.8% Fib level and then 1.3663, the major horizontal resistance as shown in the given above chart.   The technical bias may turn bullish due to the nearest major horizontal support level 1.3229 remains intact.

USD Gross Domestic Product Annualized

In the United States, the figure concerning the GDP stayed 2%in this second quarter, equivalent to last quarter previously, up to the economist expectation. The data is copied from the news released by the US Bureau of Economic Analysis.

Gross domestic product Annualized is a gross proportion of market movement since it demonstrates the pace at which a nation’s economy is developing or diminishing. As a rule, a high perusing or a superior to anticipated number is viewed as positive for the USD, while a low perusing is negative.

Trade Idea

Considering the general value conduct of the pair in the course of the most recent few days, purchasing the USDCAD around current levels can be a decent choice in the short to medium term.

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