Technical Analysis: USDCAD

USDCAD reached a two-month high

On Tuesday, USDCAD continued rising. At one point, it reached 1.3785, the highest level since 23^rd January.

Canada retail sales failed to meet expectations in January

Canada Retail Sales, m/m (January) rose from -0.4% to 1.1% Vs. 1.5% (forecast), according to the data from Statistics Canada.

The USDX saw sideways movement

On Tuesday, the USDX saw sideways movement. It ended up 0.09% at 99.22.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USDCAD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that USDCAD will jump further. Investors should focus on whether USDCAD will break through the resistance at 1.380. It will rise with potential resistance at 1.386 if it breaks above 1.380.

4-hour chart

On the 4-hour chart, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USDCAD will break through the support at 1.373. It will jump if it retreats but is stable above 1.373.

Key resistance: 1.380,1.1386

Key support: 1.373,1.367

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as USDCAD retreats during the day.