USD/CAD: US dollar remains under pressure

13 0
Current trend

US dollar finished the trading on November 6 against the Canadian currency with a reduction marking a new local minimum since October 25. Monday trading session was the forth in the row of downward correction formed at the beginning of the month. The instrument was under pressure from unstable positions of the US currency due to the absence of new market drivers as well as optimistic data on the Canadian PMI. According to Ivey, in October the index grew from 59.6 to 63.8 points against the analysts’ forecast of only 60.2 points.

On Tuesday investors will focus their attention on the block of statistics on retail sales in the USA (15:55 GMT+2). Moreover, they will be interested in the release of JOLTS Job Openings data (17:00 GMT+2), business optimism data for November by IBD/TIPP and aggregated dynamics of consumer crediting in September (22:00 GMT+2).

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range is narrowing. MACD indicator is reducing preserving a quite stable sell signal (the histogram is below the signal line). Stochastic has reached minimal levels and reversed horizontally.

Resistance levels: 1.2751, 1.2800, 1.2858, 1.2915.

Support levels: 1.2700, 1.2639, 1.2597, 1.2537.

Trading tips

Long positions may be opened after the reversal of the price near the level of 1.2700 with targets at 1.2800, 1.2850 and stop-loss at 1.2650. The period of implementation is 2 days.

A breakdown of the level of 1.2700 may be a signal for further sales with targets at 1.2600, 1.2575 and stop-loss at 1.2750. The period of implementation is 2-3 days.
Register on LiteForex site and get more analysis
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出