Forex Trading: USDCAD Technical Analysis – Febuary 11, 2020
Today, the US Dollar (USD) fell against the Canadian Dollar (CAD), this drop triggers the disturbance in USDCAD smooth journey by running the very smooth forward move, fortunately, this fall does not affect the currency rate as such and it’s still enjoying its high momentum. Therefore, the technical bias is considered, it could remain bullish because of the lower high wave printed in the graph in the last downside movements.
USD/CAD: Technical Analysis
The USDCAD priced itself at 1.3293 on the graph below. There’s the number of support levels in the back of the price which are meant to be the best support that raises the price to the level beyond. It gets the first immediate support of the 61.8 percent Fib level at 1.3195, ahead of the 1.3111, the trendline support, and then the main horizontal at 1.3044.
This is very good, on the opposite side, that the price is affected by the few levels of resistance which could interrupt its forward momentum, at first it could impact by the resistance of 1,3289, ahead of the psychological number of 13300, and then at 1,3348, the strongest horizontal resistance.
USD Average Hourly Earnings
The average hourly earnings reported by the U.S. Bureau of Labor Statistics, slightly disheartened the economist’s hopes by marking it at 0.2 percent, while economists expected it at 0.3 percent. It is an important indicator of labor cost inflation, and labor market tightness. For the USD a high reading is good, while a low reading is negative.
Placing certain investment into USDCAD at this level might be appropriate as there are support levels at the backend of the price which provide the strength to the price to rise above and reach the top.