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Daily USD CAD Technical Analysis 22nd November, 2016

USD CAD Technical Analysis

USD CAD Technical Analysis 22nd November, 2016

Technical Analysis Overview:

Prev. Close      1.3469
Open               1.3509
Day’s Range   1.3396 – 1.3424
52 wk Range   1.2458 – 1.4692
1-Year Return +0.45%

Technical Support and Resistance

Daily USD CAD Technical analysis shows USD/CAD pair may find the immediate support at 1.3361. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3305 and 1.3228. On the other side the market has immediate resistance 1.3494. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3571 and 1.3627.

Expected trading range for today is between 1.3396 supports and 1.3424 resistance.

Today, we have the core retail sales data from Canada that will be released later on in the day and that is expected to come in at a healthy 0.6%. Any kind of miss in this data could see the prices challenging 1.3500 again while if the data is better than expectations, then we can see some more dip in the prices towards 1.3200. But we are confident that any kind of dips would be met with sellers as the uptrend continues to dominate in this pair. So users can continue to use any dip as an opportunity to buy this pair for the medium term.

Along with technical analysis following economic event is very important to analyze the financial market properly.

Upcoming Important Economic News: (GMT +3)

  1. Core Retail Sales m/m
  2. Retail Sales m/m

Find Out More Technical Analysis: EUR/USD, GBP/USD etc