Technical Analysis: USDCAD

USDCAD reached a one-month high

Last Friday, USDCAD continued rising. At one point, it reached 1.3822, the highest level since 13^th April.

Canada Retail Sales was higher than expected in March

Canada Retail Sales, m/m (March) increased from 0.7% to 0.9% Vs. 0.6% (forecast), according to the data from the Statistics Canada.

The USDX closed in negative territory

Last Friday, the USDX was prone to fluctuation and climbed. It ended up 0.11% at 99.34.

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, USDCAD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, moving averages went upwards, showing that USDCAD will rise further. Investors should focus on whether USDCAD will break through the resistance at 1.382. It will jump with potential resistance at 1.387 if it breaks above 1.382.

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 1.378. It will rise if it retreats but is stable above 1.378.

Key resistance: 1.348,1.355

Key support: 1.378,1.373

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