USD/CAD Outlook (09 March 2020)

FX:USDCAD   U.S. Dollar / Canadian Dollar
Overall, USD/CAD is trending upwards. Recently, USD/CAD gapped upwards by around 120pips when market opened today and trended higher to test the resistance level of 1.36200 after Saudi Arabia responded over the weekend to the collapse of its OPEC+ alliance with Russia. Saudi Arabia plans to increase oil production to above 10 million barrels a day and also cut crude oil prices by the most in over 20 years.
The Canadian employment data released last Friday was overall better than forecasted.
  • Employment Change (Actual: 30.3K, Forecast: 10.5K, Previous: 34.5K)
  • Unemployment Rate (Actual: 5.6%, Forecast: 5.6%, Previous: 5.5%)
Currently, USD/CAD is testing the resistance level of 1.36200 and its next support level is at 1.34400.
With the current price war between Saudi Arabia and Russia, the Canadian dollar will be affected negatively. Look for short-term buying opportunities of USD/CAD if it breaks the resistance level of 1.36200.


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