The United States Dollar inched higher on Wednesday with a price increase of 2 pips totaling the figure more than 1.3200. The price increases amid the release of a major economic piece of news. As far as the technical bias is concerned, it is likely to remain bearish since the lower low during the last downside move may be seen on the graph below.
USDCAD: Technical Analysis
As of this writing, the USDCAD is being exchanged around 1.3232. The price may face resistance while moving upside. The first immediate resistance that the price may come across sits near 1.3241, it’s a major horizontal resistance ahead of 1.3295, the 61.8% Fib level and then comes to the trend line resistance near 1.3314 as shown in the graph below.
Talking about the downside, the price may receive support around 1.3198, the key horizontal support level ahead of 1.3155, the Fibonacci level and then 1.3052, the trendline support may help the price to sustain around the current level as shown in the graph above.
USD Michigan Consumer Sentiment Index
From the fundamental point of view, the University of Michigan’s released Michigan Consumer Sentiment Index, rose dramatically on 96.8 to 99.2, which is a measure of direct consumer confidence in economic activity. In general, a high reading is considered to be favorable (or bullish) for the currency.