USDCAD Analysis: Higher manufacturing sales bearish for USDCAD

October 18, 2019

By IFCMarkets

Higher manufacturing sales bearish for USDCAD

Manufacturing sales rose 0.8% in August in Canada, after two consecutive monthly declines. Will the USDCAD decline?

USDCAD rising toward MA(200)

The price chart on 1-hour timeframe shows USDCAD: H1 is in uptrend. The price is rising toward the 200-period moving average MA(200) which is falling. The RSI oscillator is falling but has not reached the oversold zone.

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Technical Analysis Summary

Order Buy
Buy stop Above 1.3143
Stop loss Below 1.3123

Market Analysis provided by IFCMarkets