Sforex
Short

Loonie ahead labor employment report: Continue the downtrend ?

FX:USDCAD   U.S. Dollar / Canadian Dollar
187 0 1
The last important piece of data this week is Canada Employemnt report tomorrow.

Loonie gained support cause of weak Dollar and commodity price recovery.

From the year high 1.3450, U/C fell more than 500 pips and found support at 1.2970

The sell-off could be explained due to profit taken.

The "selll-off" continues or not depend mainly on data tomprrow.

If data is positive,U/C found support and begin to "Buy in dip'.

If data is neagtive, U/C continues the downtrend and likely fall to 1.2860

Indeed, I check the performance of Canada data last month, there were more negative data than positive data.

- New Housing Price
- Wholesale Sales
- RBC PMI
- Retail Sales
- Ivey PMI

All above factors could contribute to weak data.

If I were right, the current level is a chance to buy in dip.

However, everything could happen.

I think U/C should trade lower to 38% Fib Retracement level.

- Technical Analysis

U/C now stops at the lower edge of Kumo cloud and found support at there.

While it also moved below 23.6% Fib retracement level, potential signal for move lower to38% Fib retracement level.

SMA50 + EMA 50 are broken.

All technical Analysis signals favor the downtrend.

I think the more strong support is at SMA100, this is a good level to rebuy USDCAD             .

However, we should wait after the report, I encourage waiting the report than hit a trade currently.

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