Forex Trading: USDCAD Technical Analysis – Febuary 24, 2020
Today, the US Dollar is skyrocketing itself against the Canadian Dollar (CAD), this is an outstanding beginning of the USDCAD week by putting it at more than 1.3200 level. It’s dropping its position a few days ago but this increase certainly copes up its lost position and USDCAD put its spot on the peak once again. Existing US home loans are seen as an improvement in the price of today’s pair. Hence, the technical bias might remain bullish, because of the higher high wave printed on the graph below in the last upside move.
USD/CAD: Technical Analysis
The USDCAD shown in the graph below is priced at 1.3287. The price may be negatively impacted by a very few levels of resistance that might obstruct its forward growth, at first it could be affected by the resistance of 1,3326 that is far from the price, ahead of the psychological number at 1,3400, and then the highest horizontal resistance at 1,3544.
There’s the number of support levels on the downside, in the support of the price which is meant to be the best service that increases the price to the above level. It gets the first instant Fib level support of 61.8 percent at 1.3184, ahead of 1.3160, the trendline support, and then at the little distance, the main horizontal support is at 1.3149.
US Existing Home Sales
The existing home sales, released by the National Realtors Association, provide an estimated value of the conditions of the housing market. As the housing market is considered a sensitive factor for the US economy, and this month it placed its index at 5.43 M, it beat the economist’s forecast by 03 points to in fact. In general, a high reading is positive for the dollar, whereas a low reading is bearish.
The USDCAD is opening up its trade opportunities for both the short- and medium-term traders, and providing excellent incentives for profit-making.