During yesterday’s trading session USD/CAD traded within the range of 1.1016-1.1039 and closed at 1.1023.
At 11:13 GMT today USD/CAD was adding 0.03% for the day to trade at 1.1026. The pair touched a daily high at 1.1038 at 7:25 GMT, managing to breach the first resistance level of 1.1036.
Fundamental view
The monthly survey by Thomson Reuters and the University of Michigan may show that the final reading of the US consumer confidence improved to 83.0 in April from a preliminary reading of 82.6. The survey encompasses about 500 respondents throughout the country. The index is comprised by two major components, a gauge of current conditions and a gauge of expectations. The current conditions index is based on the answers to two standard questions, while the index of expectations is based on three standard questions. All five questions have an equal weight in determining the value of the overall index.
In case the gauge of consumer sentiment showed a larger improvement than projected, this would boost demand for the dollar. The official reading is due out at 13:55 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.1036, it will probably continue up to test 1.1049. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1059.
If USD/CAD manages to breach the first key support at 1.1013, it will probably continue to slide and test 1.1003. With this second key support broken, the movement to the downside will probably continue to 1.0990.
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