Forex Trading: USDCAD Technical Analysis – Febuary 14, 2020
The US Dollar declined against the Candian Dollar, this week’s poor USDCAD conditions triggered the smooth movement of forwarding development to be disrupted. And this fall leads the price to 1.3300 below. In addition to all the other factors, it was believed that US recent adverse changes would play a crucial role in bringing down USDCAD. Nonetheless, the technical bias might remain bullish, because of the lower high wave on the graph in the last downside movement.
USD/CAD: Technical Analysis
The USDCAD on the graph below the market itself at 1.3243. In the back of the price, there is the number of support levels that are supposed to be the best support which raises the price to the level above. This gets the first immediate 61.8% Fib level support at 1.3195, ahead of 1.3125, the trendline support, and then the key horizontal at 1.3044.
On the other hand, the price is impacted by the few levels of resistance that could impede its forward progression, at first it could impact the resistance of 1,3326, which is far from the price, ahead of the psychological number of 13300, and then the highest horizontal resistance at 1,3348.
US Average Hourly Earnings
The U.S. Bureau of Labor Statistics reported average hourly earnings increased from 0.1 percent to 0.2 percent compared to the previous month. But this month it was expected to rise to 0.3 percent. This is an important predictor of labor cost inflation and the tightness of the labor market. The Federal Reserve Board pays close attention to these when setting interest rates. A high reading is also positive for the USD, whilst a low reading is negative.
Investing in USDCAD is not a poor deal, and if someone wants to sell it, then he has to wait for a little to consider its next move.