The US Dollar (USD) inched lower against the Canadian Dollar (CAD) on Wednesday, decreasing of USDCAD to less than 1.3000 after some key economic news releases. The technical bias may stay bearish because of the lower low in the recent downside move.
USD/CAD Technical Analysis
As of this writing, the pair is being traded around 1.3078, the trendline support of 1.3063, which likely prevents the price from further decline afterward the support at 1.3000, the psychological number and then at 1.2989, major horizontal support is noted as shown in the given below chart.
Conversing with the upside, the immediate resistance that avoids the price from moving further can be noted around 1.3117, the 23.6% Fib level ahead of 1.3308, the trendline resistance and then the key horizontal resistance of 1.3448, is exhibited in the given above chart. The technical bias shall remain bearish as long as 1.3117, resistance level remains intact.
USDS&P/Case-Shiller Home Price
In the United States, the figure concerning the USDS&P/Case-Shiller Home Price Indices stayed to 2% this month, when diverged from the earlier month, down beating the expectation of economist which was 2.1%. The data is duplicated from the news released by the Standard and Poor.
The S&P/Case-Shiller Home Price Indices looks at changes in the estimation of the private land showcase in 20 areas over the US. This report fills in as a marker for the wellbeing of the US lodging market. As a rule, a high perusing is viewed as positive (or bullish) for the USD, while a low perusing is viewed as negative, or bearish.
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.