Technicals

Add as a preferred source on Google

FxWirePro: USD/CAD downtrend extends ,eyes 23.6%fib support

• USD/CAD extended declined on Thursday as dollar weakened after softer-than-expected U.S. producer prices data . • U.S. producer prices rose less than anticipated in May, held back by declines in service costs such as a…

1 min read
FxWirePro: USD/CAD downtrend extends ,eyes 23.6%fib support
Image from the original EconoTimes article

Read the original article

• USD/CAD extended declined  on Thursday as dollar  weakened after softer-than-expected U.S. producer prices data .

• U.S. producer prices rose less than anticipated in May, held back by declines in service costs such as airfares.

• The producer price index (PPI) for final demand rose 0.1% in May, following a revised 0.2% drop in April, according to the U.S. Labor Department's Bureau of Labor Statistics.

• In the 12 months through May, the Producer Price Index (PPI) rose 2.6%, slightly above the 2.5% increase recorded in April.

 •At GMT 15:06, the pair was trading down  0.44 percent  at 1.3612

• Immediate resistance is located at 1.3677(Daily high), any close above will push the pair towards 1.3752(38.2%fib).

• Support is seen at 1.3598(23.6%fib)and break below could take the pair towards 1.3572(Lower BB).

Recommendation: Good to sell around 1.3630, with stop loss of 1.3700 and target price of 1.3550

 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560