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USD/CAD: US dollar remains under pressure

OANDA:USDCAD   US-Dollar / Kanadischer Dollar
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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.
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