Forex Trading: USDCAD Technical Analysis – January 29, 2020
Despite the bad loss in the USD currency against the CAD yesterday, Today it is taking the effort to push forward with the price of more than 1,3100. The country’s Favorable News played a significant part in driving the currency up. It is the USDCAD’s nice phase by continually growing itself after the last month’s decrease. Considering the technical analysis, it remains bullish, due to the higher high move reflect in the last upside movement of the graph.
USD/CAD: Technical Analysis
Currently, the USDCAD quoted itself at 1.3179. The graph below shows the levels of resistance that may push the price downward. At first, there is a Fibonacci level resistance of 1.3211, ahead of it, there is the trend line resistance of 1.3283, and then, a little far away, the pair’s price may meet the big horizontal resistance of 1.3381.
On the other hand, the price is fully backed up by the support levels and these levels also get the high power support to take the price above this level as shown in the figure above. At 1.3116, there is the Fib level support of 32.8%, afterward, there is the trendline support of 1.3053, and then at the 1.2976, it is assisted by another trendline.
USD Retail Sales
Retail sales expected to have the best holidays in three years. Group management revenues are expected to increase by 0.4 percent a share of GDP. And it exceeded expectations and this month stands at 0.5 percent, much more than the record of -0.1 percent last month. The “Retail Sales Control Group,” released by the United States Census Bureau, represents total sector sales used to calculate PCE figures for most products.
Considering the pair’s price movement over the past few days, it may be a lot easier to make the investment at present levels for both short-term and long-term positions and earns the maximum possible profit.