Forex Trading: USDCAD Technical Analysis: April 10, 2018

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The US Dollar (USD) inched lower against the Canadian Dollar (CAD) on Tuesday, decreasing the price of USDCAD to less than 1.2700 following some key economic releases. The technical bias remains bearish because of the lower high in the recent downside move.

USD/CAD Technical Analysis

As of this writing, the pair is being traded around 1.2684. A resistance can be noted around 1.2822, A trend line resistance level ahead of 1.2917, a major horizontal resistance and then 1.3048, the low of March 19th, 2018 as demonstrated in the given below chart.

On the downside, a support can be noted near 1.2685, the 50% Fib level support ahead of 1.2600, the psychological number and then 1.2582, a major horizontal support as demonstrated in the given above chart. The technical bias shall remain bearish unless it breaks the 1.2770 resistance level.

Canadian Net Employment Change News

The employment change rate in Canada remained 32.3K in March, as compared to 15.4K during the month before, up beating the economist expectation which was way low as 20.0K, the data is taken from the news released by Statistics Canada. The entity 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 Canadian Dollar (CAD) whereas a downward trend implies the bearish market for the Canadian Dollar (CAD).

Trade Idea

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

 

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