01.06.2020
The pair dropped below the strong support level of 1.3735 amid today’s positive economy data in China. Caixin manufacturing PMI in May rose to 50.7 points, above the expected 49.6 points, and above April’s 49.4 points. This contributes to the optimistic outlook for China’s economic recovery, which also supports the demand for commodity assets, including the Canadian currency.
Technical side:
The price is below the lower Bollinger band, below SMA 5 and SMA 14. Moving Averages have intersected and suggest selling. RSI is below the 50% level and is declining. Stoch are falling steadily.
Trading recommendations:
Expect the pair to fall to 1.3520.
The USDCAD rate online: monitor the movement of the pair in real time.
Thank you for subscribing to our analytics
You already subscribed
Don't have your language?
