Forex Trading: USDCAD Technical Analysis – Febuary 19, 2020
The US Dollar fell by the 02 pips as compared to the yesterday against the Candian Dollar on Wednesday, the third day of the trading week, This fall is perceived to be because of the bad report of US Industrial production. Although the USDCAD has turned its powerful bullish towards the volatile stocks since February 11, 2020, the situation is still not alarming and hopes it will soon cope with its own. Hence, the technical l bias, because of the lower high wave on the graph in the last downside move, it might remain bullish.
USD/CAD: Technical Analysis
The USDCAD on the graph below, priced at 1.3232. There’s the number of support levels in the support of the price which are meant to be the best service that increases the price to the above level. It gets the first instant Fib level support of 38.2 percent at 1.3184, ahead of 1.3138, the trendline support, and then the main horizontal support is at 1.2950.
The price may be impacted by the few levels of resistance which might obstruct its forward growth, at first it might affect by the resistance of 1,3319 which is close to the price, soon after it, at 1,3329 there is the 61.8 percent Fib level, and then the highest horizontal resistance at 1,3564, far from the price.
US industrial Production
Industrial Manufacturing dropped sharply to-0.3 percent, while it was expected to raise itself. As it shows the production volume of such industries as factories and manufacturing in the US. The upward trend is seen as inflationary which can predict rising interest rates. This can produce an optimistic (or bullish) sentiment for the USD if Strong industrial production growth comes out.
For both the short and medium-term traders, the USDCAD is opening up its trade opportunities.