The US Dollar (USD) inched higher against the Canadian Dollar (CAD) on Monday, increasing the price of USDCAD to more than 1.3300 following some key economic releases. The technical bias remains bullish because of the higher high in the recent upside move.

USD/CAD Technical Analysis

As of this writing, the pair is being traded around 1.3355. A resistance can be noted around 1.3441, the trendline resistance ahead of 1.3600, the psychological number and then 1.3793, the key horizontal resistance as demonstrated in the given below chart.

On the downside, a support can be noted near 1.3173, the trendline support level ahead of 1.2923, the horizontal support and then 1.2721 the 38.2% Fib level support as demonstrated in the given above chart. The technical bias shall remain bullish unless 1.3129, the major horizontal support level remains intact.

United States ADP Employment Change News

The employment change rate in the US remained 163K in August, as compared to 217K during the month before, up beating the economist expectation which was only 190K, the data is taken from the news released by Automatic Data Processing Inc.

The organization measures the number of people remained employed over a due course of time. Generally speaking, a positive reading in the employment data rate is considered as bullish for the US Dollar (USD) and vice versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the USDCAD around current levels can be a good decision in short to medium term.