USDCAD → NFP may strengthen the currency pair

5 thg 1, 2024

USDCAD is forming a local resistance level at 1.3364 and pre-breakdown consolidation before the news. There is a chance that price could consolidate.



On D1 we see the formation of a global sideways range. Hence, we are using a range trading strategy in the global perspective. A false break of support forms a signal that price is now heading upwards.
Yesterday, the DXY received fundamentally positive data that could strengthen the price, and also this data (Initial Jobless Claims, ADP NonFarm EC) is a prerequisite that today's Nonfarm Payrolls will also be bullish for the dollar.
In this case, the currency pair may break the nearest resistance at 1.3364 and continue its growth.

Support levels: 1.3315
Resistance levels: 1.3364, 1.3487

There is an empty space up to the target, therefore, if the nearest resistance is broken, the price will easily and quickly reach 1.3487

Regards R. Linda!

5 thg 1, 2024

Ghi chú

5 thg 1, 2024

Ghi chú

NonFarm Payrolls 216K instead of the 170K expected
The dollar is rising strongly!
The Canadian is falling!
Currency pair rises

8 thg 1, 2024

Ghi chú