Key PointsThe US Dollar after trading lower found support at 1.3570 against the Canadian Dollar. The USDCAD pair is attempting a recovery, but facing two important bearish trend lines with resistance near 1.3630 on the hourly chart. Recently in Canada, the Manufacturing Shipments figure for March 2017 was released by the Statistics Canada. The result was in line with the forecast, as there was an increase of 1% in the Manufacturing Shipments. USDCAD Technical Analysis
The US Dollar was under pressure this week and traded below 1.3650 against the Canadian Dollar, and later managed to find support near 1.3570. The USDCAD pair started a recovery, and just moved above the 23.6% [...]
Key PointsThe US Dollar moved towards 1.3650 against the Canadian Dollar before finding resistance. The USDCAD pair moved down, and broke a bullish trend line at 1.3557 on the hourly chart. Recently in Canada, the Retail Sales for Feb 2017 (MoM) was released by the Statistics Canada. The outcome was below the forecast, as there was a decline of 0.6% in sales in Feb 2017. USDCAD Technical Analysis
The US Dollar moved nicely and traded towards 1.3650 against the Canadian Dollar. The USDCAD pair traded as high as 1.3647 where it faced offers, and started a downside move.
The pair traded lower, and broke the 23.6% Fib retracement level of the last wave from the 1.3411 [...]
Key HighlightsUS dollar dived sharply against the Canadian Dollar and looks set for more losses. In the US the Services Purchasing Managers Index (PMI) released by Markit Economics fell by 0.4 points to 57.4 in April 2015, whereas the market was not expecting any change. US ISM Non-Manufacturing Index was also published around the same time by the Institute for Supply Management (ISM), which came in at 57.8 in April 2015. US Economic Optimism Index, released by The Investor’s Business Daily (IBD) TechnoMetrica Institute of Policy and Politics (TIPP) came in at 49.7, down from 51.3.
US Services PMI (US Dollar)
US ISM Non-Manufacturing PMI [...]
One of the major currencies which caught the attention of many traders was the Canadian dollar. It continued to fall at a rapid pace against the US dollar. It remains at risk of facing more headwinds over the near to medium-term as the Forex market sentiment is still bearish.
The USDCAD pair recently cleared the 1.2500 resistance area traded close to 1.2550. One of the major drivers of the rise in USDCAD is new multi-year low in oil. There is no major catalyst for the drop in oil, but sellers seem to be very aggressive recently.Technical Analysis
USDCAD bulls may look to clear an important psychological resistance at 1.2550, which represents a swing area in the near [...]