OANDA:USDCAD   U.S. Dollar / Canadian Dollar
62 0
Current trend

The USD/CAD pair is growing due to the positive USA ADP Employment Change report and the lowering of oil prices. In a day the pair grew by 0.23% and now is trying to consolidate above the resistance level of 1.3533.

Today the USA employment market statistics publication is expected at 14:30 (GMT+2). The traders’ attention is drawn to the Nonfarm Payrolls and Average Hourly Earnings data, as the USA FRS decides upon the interest rate rise basing on these data. If the indicators are better than expected and growing, the USD will be supported in the in the short term, which will result in the growth of the USD/CAD pair. If the data disappoint the investors, the USD/CAD will be pressured.

Support and resistance

Technical indicators reflect that activity of the buyers maintains. Bollinger Bands are diverging, confirming the upward trend. MACD histogram is in the positive zone, its volumes are rising rapidly. In case of the breakout of the level of 1.3533 the next target will be at the level of 1.3609. Otherwise the development of the correction to the middle line of Bollinger Bands (1.3490) and lower is possible.

Resistance levels: 1.3533, 1.3609, 1.3669.

Support levels: 1.3490, 1.3452, 1.3392.

Trading scenario

Buy the pair above the level of 1.3533 with the target at around 1.3609 and stop loss at 1.3510.

Sell the pair below the level of 1.3490 with the target at around 1.3452, 1.3392 and stop loss at 1.3520.
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