The Canadian dollar is trying to stabilize the position. US and Canadian data

The Canadian dollar is trying to stabilize its position against the US dollar, after the publication of statistics on the United States and Canada.

• According to published data, construction permits in the US in February amounted to 1.298 million, against the previous value of 1.377 million, while falling by -5.7%, against the growth in the previous period at 5.9%.
• The volume of construction in the US decreased by -6.8%, to the level of 1.236 million, against the previous month’s figure at 1.326.

• Sales in the manufacturing sector of Canada in January fell by -1.0%, exceeding the December decline of -0.1%.
• In turn, the volume of foreign investment in Canadian securities in January amounted to $ 5.683 billion, against a decline in December at $ -1.538 billion.

Technical analysis: The USD / CAD pair maintains an uptrend in the short term. I consider the main resistance levels at the marks 1.3120, 1.3175. I see support levels at the mark of 1.2980, 1.2920.

The main recommendation: The pair should consider both purchases and sales from the above mentioned levels of support and resistance with the potential for movement from 70 to 120 points, but do not forget about the prices for oil, which today demonstrate quite a moderate dynamics. Entrance to the transaction should be made only if the formation of a reversal candlestick on the H1 chart . For more details, look “Analysis of Japanese candlestick – the main candlestick models.”

Fig. USD / CAD Graph. The current price is $ 1.3071.

Alexander Sivtsov