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%)
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