The Canadian Dollar is on the rise, tracking uptick in oil as it clocks two-week high. Traders of the pair can examine the latest 19 February USDCAD Technical Outlook to see how it trades currently.
19 February, GKFX – Having created a bullish outside day candle on Friday, the prospects further gains in USD/CAD looked good, however, the uptick in oil prices seems to have played a spoilsport.
As of writing, the USD/CAD is trading lower by 22 cents or 0.18 percent at 1.2535. The Canadian dollar may have found some love in Asia as the US oil prices clocked a two-week high of $62.30 per barrel.
Meanwhile, the greenback is reporting moderate losses across the board. China has threatened retaliation if the US imposes tariffs on their aluminum, according to Bloomberg. This could boost fears of a full-blown trade war and keep USD on the back foot during the day ahead. Also, trading volumes may drop as US markets are closed on account of President’s Day.
19 February USDCAD Technical Outlook
A positive follow-through to Friday’s bullish outside day candle would signal the rally from Jan. 31 low of 1.348 has resumed. In such a scenario, the spot could target 1.2689 (Feb. 9 high) and 1.2729 (200-day MA).
On the other hand, a close below Friday’s low of 1.2450 would shift risk in favor of a re-test of 1.2355 (Jan. 5 low) and 1.2247 (Jan. 31 low).
This article 19 February USDCAD Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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