⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

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

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments