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FxWirePro: USDCAD Daily Outlook

Candlestick pattern - Doji (8-hour chart)

 

Major trend line support- 1.32150

 

USDCAD is on the upside after forming bottom around 1.30421 on Oct 29th, 2019. It hits high of 1.32706 and shown a minor decline till trend line support. It is currently trading around 1.32295. The Canadian dollar was one the worst performer this month as BOC hinted chance of rate cut on trade uncertainty.

 

US retail sales rebounded in Oct by 0.3%, which is lifted mainly by motor vehicle purchases and higher gasoline prices. It came much better than -0.3% in Sep, slightly above the forecast at 0.2%.

 

Technically, the pair is facing strong resistance around 1.3275 (200- day MA), any indicative break above will take the USDCAD to next level till 1.3300/1.3385. Major bullish continuation only if it goes beyond 1.3385.

 

On the flip side, trend line 1.3215 is acting as near term support, close below that level targets 1.318/1.3135/1.3100.

 

It is good to buy on dips around 1.3218-20 with SL around 1.3180 for the TP of 1.3300.   

By Rangarajan Hariharan
  • Market Data
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