Currency Analyst since 2010

USD/CAD: daily update

USD/CAD rose to 1.0445 on Wednesday, but then formed a large bearish candle on Thursday losing about 100 pips. Today US dollar is trading on the downside, at the lower edge of the daily Ichimoku Cloud (1.0295).

Next support lies at 1.0275 (support line connecting May and July lows, 100-day MA), 1.0245 (July low), 1.0235 (38.2% retracement of the advance from September to July). Resistance lies at 1.0330, 1.0360 and 1.0380.

The key event ahead is the release of Canada’s labor market data at 12:30 GMT. Sell USD/CAD is case of the positive employment change and buy in case of the negative data.

Chart. Daily USD/CAD

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