Forex Trading: USDCAD Technical Analysis – October 23, 2019
The US Dollar (USD) inched high against the Canadian Dollar (CAD) on Wednesday, increasing of USDCAD to high 1.3000 after some key budgetary news releases. The technical inclination may stay bearish because of the higher low in the recent upside move.
USD/CAD Technical Analysis
As of this writing, the pair is being traded around 1.3097, the immediate trendline resistance that avoids the price from moving further can be noted around 1.3115, ahead of 1.3144, the 23.6% Fib level resistance and then the key horizontal resistance of 1.3238, is exhibited in the given chart.
Conversing with the downside, At the 61.8% Fib level support of 1.2960 can be noted, which likely prevents the price from further decline afterward the support at 1.2700, the psychological number and then at 1.2526, major horizontal support is noted as shown in the given above chart. The technical bias shall remain bearish as long as 1.3115, resistance level remains intact.
CAD Retail Sales
In Canada, the figure concerning the retail sales decreased to -0.1% this month, when contrasted with 0.6% during the prior month, down beating the expectation of economist which was 0.4%. The information is copied from the news released by the Statistics Canada
The Retail Sales is a month to month information that shows all merchandise sold by retailers dependent on inspecting of retail locations of various kinds and sizes. The retail deals list is frequently taken as an indicator of consumer confidence. It shows the exhibition of the retail area for the time being. As a rule, the positive economic growth foresees bullish developments for the CAD.
Considering the general price behavior in the course of the most recent few days, selling the USDCAD around current levels can be a decent choice in the short to medium term as the value pursues the bearish pattern in the progressing upside move.