Forex Trading: USDCAD Technical Analysis – Febuary 27, 2020
The US Dollar inched higher against the Candian Dollar(CAD) at a price of more than 1.3300. This rise is considered impressive because it’s the USDCAD’s highest achievement since the last few months. If we called it a smooth forward USDCAD journey from the beginning of the year then that’s a perfect description of USDCAD. The New Sales of Homes report released yesterday are considered to be the increase of today’s pair price. Talking about the technical bias, then it might remain bullish because of the higher high wave shown in the last upside movement of the graph.
USD/CAD: Technical Analysis
The USDCAD shown in the graph here is valued at 1.3287. The price may be adversely affected by very few levels of resistance that could disrupt its forward growth, initially, it could be affected by the trendline resistance at 1.3466 which is very far from price, ahead of the psychological number at 1.3500, and then the highest horizontal resistance at 1.3544.
With the number of support levels, the pair’s price is fully assisted the pair’s price, the first trendline support is at 1.3327, ahead of the combination of the 61.8% Fib level and the trendline at 1.3194, and then soon after it, there is major horizontal support at 1.3147.
USD New Home Sales
As an important measure of housing market conditions, the number of New Home sales reported by the U.S. Census Bureau raised the figure from 0.694 M to 0.764 M. House buyers spend money on furnishing and financing their houses, thus increasing demand for goods, facilities, and workers. A strong reading is usually seen as a positive one for the USD.
The USDCAD unlocks its trade opportunities for both short- and medium-term traders and offers excellent incentives for making profits.