USD/CAD Weekly Analysis 17 February 2017

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The retail sales report from UK showed a decline by -0.3% in the January, which is an improvement from December where sales reported a -2.1% drop. On a yearly basis, retail sales have held strong at 1.5%, with expectation at 3.4%, whilst previous recording was 4.1%.

CHARTING

The crucial points are:

1

After a fierce breach of 1.31200 level of support, the price of USD/CAD has been fluctuating within a range from 1.30500 level of support to 1.31200 level of resistance. Moreover, its noticeable that in the previous sessions, the price has attempted to breach one of those levels, only to return near to the daily open, forming large wicks on the candles.

Charting outcome: Neutral – Marginally bullish  

INDICATORS (computerized T.A)

The crucial points are:

2

3

The indicators are signaling that a weak downtrend has occurred. The moving averages slopes have added slight bearishness, while the spread between the negative and the positive dynamic has widened. The trend dynamic has risen by +14.25%, whilst the market’s volatility has fallen by -13.08%. Finally, the oscillators have remained in marginally oversold levels.

Indicators outcome: Marginally bearish – Neutral       

CONCLUSION

Both indicators and charting seem to confirm that the price is more likely to follow a neutral path. Should the price break lower than 1.30500 level, the next possible support could be at 1.29700 level. On the contrary, if the price appreciates higher than 1.31200 level, the 1.32000 level could be the next resistance.

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