Hi there!
PrimeXBT will now be offering a technical and fundamental analysis overview of USD/CAD.
Fundamental Analysis:
While the recent USD strength has more to do with the ongoing consolidation phase and sparse trading conditions, mixed economics from the US troubled the traders the previous day. On the contrary, Canadian Manufacturing PMI also slipped to a four-month low.
Additionally, the initial optimism surrounding the US-China signing of the phase-one deal helped the CAD. Also supporting the Loonie was the improvement of data surrounding Canada’s key export item, crude oil, amid rising geopolitical tension between the US and the Middle East as well as depletion in the US inventories and rig counts.
Technical Analysis:
At the end of the 2019 year, USDCAD’s price broke through the previous 2-month low and 5.5-month low levels.
The price will likely target the resistance zone in the near-term. From this level, it may continue to stagnate until it reaches its next important support-target level.
Stoch RSI is still in the oversold zone and is likely to leave this zone shortly.
Share your thoughts about this trade idea in the comments section below, and remember to stay tuned for future technical analysis, news, updates, and more from PrimeXBT.
Best of luck with your upcoming trades!
PrimeXBT will now be offering a technical and fundamental analysis overview of USD/CAD.
Fundamental Analysis:
While the recent USD strength has more to do with the ongoing consolidation phase and sparse trading conditions, mixed economics from the US troubled the traders the previous day. On the contrary, Canadian Manufacturing PMI also slipped to a four-month low.
Additionally, the initial optimism surrounding the US-China signing of the phase-one deal helped the CAD. Also supporting the Loonie was the improvement of data surrounding Canada’s key export item, crude oil, amid rising geopolitical tension between the US and the Middle East as well as depletion in the US inventories and rig counts.
Technical Analysis:
At the end of the 2019 year, USDCAD’s price broke through the previous 2-month low and 5.5-month low levels.
The price will likely target the resistance zone in the near-term. From this level, it may continue to stagnate until it reaches its next important support-target level.
Stoch RSI is still in the oversold zone and is likely to leave this zone shortly.
- Support Target Level: 1.2796
- Resistance Zone: 1.3019 — 1.3060
- Day's Range: 1.29612 — 1.3005
- Volume: 159.81K
Share your thoughts about this trade idea in the comments section below, and remember to stay tuned for future technical analysis, news, updates, and more from PrimeXBT.
Best of luck with your upcoming trades!
Comment:
False breakout the resistance line.
Trade active
Trade active