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USDCAD at Monthly High, Bulls in Control


USDCAD trades 0.08% higher at 1.3332 despite the Challenger Job Cuts from the US  dipped from previous 53.5K to 41.5K in September. Yesterday, USDCAD was boosted by worse than expected GDP data; the Canada Gross Domestic Product (month over month) came in at 0% below expectations of 0.1% in July.

Crude oil, Canada’s main export commodity was trading 0.36% lower at $52.45, and adds to the negative impact of the GDP disappointment.

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USDCAD Technical Analysis

USDCAD momentum is bullish as the price pierced trough all major daily moving averages in yesterday’s trading session. On the upside, where traders had shifted their attention, the immediate resistance level stands at 1.3338, the daily high, then at 1.3344, the high from September 4th, while more offers will emerge at 1.3382, the high from September 3rd.

On the downside,  USDCAD formed a strong support zone at 1.3134, which was tested successfully for three days in a row in early September. First support for the pair stands at 1.3313, the daily low,  then at 1.3295, the 200-day moving average while more bids will emerge at 1.3251, the 100-day moving average. A break below the 100-MA may encourage more bears to join the action, something that could lead USDCAD towards the next support level, the 1.3213 the low from September 27th.

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