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USDCAD Growth within the Local Ascending Corridor

12/16/2022 12:24 PM

The USD/CAD pair is rising, trading at 1.3636.

The quotations were practically not affected by the report of Statistics Canada: in October, the volume of production grew by 2.8% to 72.6B Canadian dollars, and the oil industry (12.7%) and the food industry (2.9%) stand out among the leaders of the sector and the chemical industry (4.9%), while in the automotive industry (–3.2%) and mechanical engineering (–1.7%), a negative trend is observed. According to experts, growth in these sectors should not be expected soon, as there is a serious shortage of materials and microchips, which also reduced production and decreased exports of cars and spare parts by 1.8%.

Quotes of the US dollar are held below 104.000 in the USD Index under poor statistics on retail sales, which reflected another decline in November by 0.6%, which was worse than the 0.1% decline expected by analysts. Quotations were not supported by a decrease in the number of initial jobless claims to 211.0K from 231.0K a week earlier, as the total claims amounted to 1.671M, which is still higher than 1.670M last week.

On the daily chart of the asset, the trading instrument moves within the local ascending corridor.

Technical indicators signal further growth: the range of EMA fluctuations on the Alligator indicator remains directed upwards, and the AO oscillator histogram forms rising bars in the buying zone.

Resistance levels: 1.3700, 1.3900. | Support levels: 1.3540, 1.3380.

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