Sharp Selling In USD/CAD – Are Investors Pricing In Employment Report?

The USD/CAD is likely to gain support near 1.3035 and 1.3015 today. On the upper side, the resistance can be found at 1.3095 and 1.3125.


The commodity currency Loonie strengthened despite a sudden fall in crude oil prices, which tend to undermine demand for the commodity-linked Loonie. The USD/CAD pair tumbled more than 100 pips on a weaker dollar.

 

Canadian Employment Report
At 12:30 (GMT), the Statistics Canada will be releasing the Canadian labor market report. As per economists forecast, the Employment Change is likely to be 12.7K which is way less than previous month’s 63.3K. While the unemployment rate is expected to remain unchanged at 5.9%.

The pair is likely to gain support near 1.3035 and 1.3015 today. On the upper side, the resistance can be found at 1.3095 and 1.3125. The RSI is already in the oversold territory which means we may see sellers taking a breather before making more selling in the market.

 

 USD/CAD – Technical Levels
Support     Resistance
1.3053       1.3134
1.3021       1.3182
1.294         1.3262
Key Trading Level: 1.3101

USD/CAD – Market Sentiment
Weekly – Strong Sell
Daily – Strong Sell
Hourly – Sell

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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