Solid News

USDCAD Ambiguous Trading Current Trend

2/13/2023 10:57 AM

During the Asian session, the USD/CAD pair is growing moderately, correcting after a noticeable decline at the end of last week, and is testing 1.3370 for a breakout.

The reason for the emergence of the confident "bearish" trend on Friday was the publication of a strong report on the Canadian labor market for January: the number of employed rose by 150.0K after an increase of 69.2K (revised from 104.0K) in December, although analysts expected amplification ten times less. Against this background, the share of the labor force in the total population increased from 65.4% to 65.7%, while experts expected a slowdown to 64.8%, and the unemployment rate remained at the same level of 5.0% compared to growth forecasts up to 5.1%.

In the US, on Friday, positive data on consumer confidence from the University of Michigan for February came out: the indicator increased from 64.9 points to 66.4 points, better than market expectations of 65.0 points.

On the daily chart, Bollinger bands are moving flat: the price range is practically unchanged, remaining quite spacious for the current level of activity in the market. The MACD indicator is falling, keeping a poor sell signal (the histogram is below the signal line). Stochastic shows a more confident decline, quickly retreating from the level of "80", renewed in the middle of last week.

The current readings of technical indicators do not contradict the further development of the "bearish" trend in the nearest time intervals.

Resistance levels: 1.3400, 1.3450, 1.3500, 1.3550. | Support levels: 1.3350, 1.3300, 1.3226, 1.3150.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024