USDCAD Analysis: Falling Canadian building permits bullish for USDCAD

December 9, 2019

By IFCMarkets

Falling Canadian building permits bullish for USDCAD

Building permits in Canada declined 1.5% over month in total value to $8.3 billion in October after 5.9% drop in previous month. Will the USDCAD rise?

USDCAD testing MA(200)

The price chart on 1-hour timeframe shows USDCAD: H1 is trading sideways. The price is testing the 200-period moving average MA(200) which is level. And the RSI oscillator is falling toward 50 level. There is no trend yet formed, traders have to decide when it would be a best time to enter the market.

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Market Analysis provided by IFCMarkets