Forex Trading: USDCAD Technical Analysis – October 14, 2019

The US Dollar (USD) inched high against the Canadian Dollar (CAD) on Monday, increasing the price of USDCAD to more 1.3300 after some key economic news released. The technical inclination may stay bearish in light of the higher low in the recent upside move.

USD/CAD Technical Analysis

At the present, the pair is being traded around 1.3212, An immediate resistance remains at the 38.2% Fib level, can be noted around 1.3228, a while later trendline resistance of 1.3313 comes, and then 1.3382, the major horizontal resistance which likely keeps the price from moving further,  as appeared in the given below chart.

USDCAD

Going to the downside, At the 23.6%, Fib level support which keeps it from backing can be noted near 1.3145, ahead of 1.3100, the psychological number and then 1.3015, the key horizontal support level as demonstrated in the given above chart.  The technical bias may stay bearish due to the nearest major horizontal resistance of 1.3228 remains flawless.

CAD Average Hourly Wages

In Canada, the figure concerning the average hourly wages stayed to 4.25% this month, more than the month before figure i.e. 3.78%. The data is copied from the news released by Statistics Canada.

The average hourly wages measure the expansion in the pay rates earned by the permanent employees in Canada. As a rule, an ascent in this indicator has positive ramifications for consumer spending, which invigorates financial development. Along these lines, a high perusing is viewed as positive, for the CAD, and vice versa.

Trade Idea

Considering the general behavior of pair movement 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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