Forex Market: USD/CAD daily forecast

During yesterday’s trading session USD/CAD traded within the range of 1.0858-1.0942 and closed at 1.0881.

At 11:15 GMT today USD/CAD was gaining 0.11% for the day to trade at 1.0893. The pair touched a daily high at 1.0902 at 4:40 GMT.

Fundamental view

United States

The number of people in the United States, who filed for unemployment assistance for the first time during the week ended on April 5th, probably decreased to 320 000 from 326 000 in the prior week. This is a short-term indicator, reflecting lay-offs in the country. In case the number of initial jobless claims fell more than projected, this would have a bullish effect on the greenback. The Department of Labor is to release the weekly report at 12:30 GMT.

Canada

Selling prices of new homes in Canada probably rose 0.2% in January compared to a month ago, following a 0.3% increase in December. The New Housing Price Index is a key indicator, reflecting the health of nations housing market. In case prices surged more than anticipated, this would have a bullish effect on the loonie. Statistics Canada will release the official data at 12:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.0929, it will probably continue up to test 1.0978. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1013.

If USD/CAD manages to breach the first key support at 1.0845, it will probably continue to slide and test 1.0810. With this second key support broken, the movement to the downside will probably continue to 1.0761.