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.

Technical Analysis Summary

OrderBuy
Buy stopAbove 1.3143
Stop lossBelow 1.3123

Market Analysis provided by IFCMarkets