Forex Trading: USDCAD Technical Analysis – Febuary 03, 2020
The United States Dollar (USD) going through a very pleasant ride, today again at a price of more than 1,3200, marked itself with the bullish candle on the graph against the Candian Dollar (CAD) and like the blimp, it continually grows. As for technical bias, it remains bullish due to the higher high move shown in the last upside movement, exhibited in the graph below.
USD/CAD: Technical Analysis
Today, the USDCAD demanded at the price of 1.3242, However, the price has the resistance levels that might not allow the price above this mentioned level, At 1.3229, it is the trendline resistance, ahead of 1.3300 the psychological number, and then at 1.3347, the major horizontal resistance stood, as shown in the graph above.
Glad to tell that there are many support levels that soon overcome the above-shown resistance levels and will raise the price to the desirable high point. At first, on 1.3196, there is the support of the Fibonacci level, afterward, at 1.3103, there is the support of trendline, and then at 1.2930, we observed the confluence of the trendline and the major horizontal support.
USD Michigan Consumer Sentiment Index
The Michigan Consumer Sentiment Index released by the University of Michigan, which today increased its index by 07 points compared to the last month, and the economist’s expectation. This shows an image of whether customers are willing to spend money or not. High reading foreshadows optimism (or bullish) for USD.
Placing some money into USDCAD at this level might be appropriate, as there are support levels at the back of the price that offers the strength to price to rise above and get to the peak.