Current trend
In the end of last week, there was released a lot of important data for both the American and Canadian currencies. In the US, a fall in the Unemployment Rate coincided with weak statistics on the Nonfarm Payrolls. Canadian data showed an increase in the Employment Change and in the Ivey Purchasing Managers Index. In addition, the Canadian Dollar was supported by oil prices growth amid an increase in the number of active oil rigs a decline in oil reserves in the US.
Today attention should be paid to data on the Housing Starts in Canada while on Wednesday the Bank of Canada is going to make its interest rate decision. The rate is expected to remain unchanged that could weaken the CAD. Also on Wednesday, the OPEC will release its report on oil markets, which could have an impact on the pair’s dynamics.
Support and resistance
The pair continues trading in the region of the lower line of the previous ascending channel. In the short term, the price is expected to consolidate between the levels of 1.3400 and 1.3600.
Support levels: 1.3400, 1.3315, 1.3260, 1.3175.
Resistance levels: 1.3450, 1.3535, 1.3600.
In the end of last week, there was released a lot of important data for both the American and Canadian currencies. In the US, a fall in the Unemployment Rate coincided with weak statistics on the Nonfarm Payrolls. Canadian data showed an increase in the Employment Change and in the Ivey Purchasing Managers Index. In addition, the Canadian Dollar was supported by oil prices growth amid an increase in the number of active oil rigs a decline in oil reserves in the US.
Today attention should be paid to data on the Housing Starts in Canada while on Wednesday the Bank of Canada is going to make its interest rate decision. The rate is expected to remain unchanged that could weaken the CAD. Also on Wednesday, the OPEC will release its report on oil markets, which could have an impact on the pair’s dynamics.
Support and resistance
The pair continues trading in the region of the lower line of the previous ascending channel. In the short term, the price is expected to consolidate between the levels of 1.3400 and 1.3600.
Support levels: 1.3400, 1.3315, 1.3260, 1.3175.
Resistance levels: 1.3450, 1.3535, 1.3600.