USD/CAD Trade Plan While Investors Eye Employment Figures - Forex News by FX Leaders

USD/CAD Trade Plan While Investors Eye Employment Figures

Posted Friday, December 7, 2018 by
Arslan Butt • 1 min read

Besides the US nonfarm payroll, investor focus will remain on the Canadian employment report. Previously in October, the Canadian economy added just 11.2K jobs vs. 63.3K jobs in September. As per economist forecast, the employment change is likely to be 10.5k, down from 11.2K previously. The unemployment rate is likely to remain unchanged at 5.8%.

The commodity currency weakens against the Greenback due to a strong bearish rally in WTI crude oil. As we spoke earlier, crude oil is suffering a lot due to bearish fundamentals which are ultimately spilling its impact on the Loonie.

On the 4 hour chart, the USD/CAD has entered the overbought zone near $1.3370. The pair has formed a bearish engulfing pattern which is signaling a potential bearish reversal below $1.3370 today. Otherwise, the pair can continue to trade bullish above 1.3375

Daily Technical Levels
Support Resistance
1.3359 1.3435
1.3326 1.3478
1.325 1.3554
Key Trading Level: 1.3402

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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