USD/CAD Trade Plan While Investors Eye Employment Figures
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
Key Trading Level: 1.3402