USDCAD Analysis: Slower improvement of Canadian trade balance bullish for USDCAD

November 6, 2019

By IFCMarkets

Slower improvement of Canadian trade balance bullish for USDCAD

Canada’s international trade deficit narrowed less than expected in September: to 1.0 billion from 1.2 billion Canadian dollars in August. Will the USDCAD rise?

USDCAD rising above MA(200)

The price chart on 1-hour timeframe shows USDCAD: H1 is in uptrend. The price is rising above the 200-period moving average MA(200) which is rising. The RSI oscillator is above 50 level but has not reached the overbought zone.

Technical Analysis Summary

OrderBuy
Buy stopAbove 1.3175
Stop lossBelow 1.3155

Market Analysis provided by IFCMarkets