USD/CAD Trade Plan While Investors Eye Employment Figures

The USD/CAD currency weakens against the greenback due to a strong bearish rally in crude oil. As spoke earlier, the crude oil is...


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

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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