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Forex Market: USD/CAD daily forecast

During Friday’s trading session USD/CAD traded within the range of 1.1015-1.1047 and closed at 1.1039.

At 11:50 GMT today USD/CAD was losing 0.17% for the day to trade at 1.1020. The pair touched a daily low at 1.1019 at 11:49 GMT, managing to breach the first support level of 1.1020.

Fundamental view

The index of pending home sales in the United States probably rose by 0.6% in March compared to February, when sales unexpectedly declined by 0.8%. This indicator shows activity in terms of signing contracts for purchases of existing single-family houses. Actual payments are made one to two months after the contract has been signed. The index was started in 2001 and its base value was set at 100 points. The index of pending sales is built on broad national sample covering about 20% of the transactions of existing home sales.

The National Association of Realtor’s (NAR) will announce the official index value at 14:00 GMT. A higher-than-projected gain will support greenback’s demand.

Technical view

Screenshot from 2014-04-28 14:54:27

According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.1052, it will probably continue up to test 1.1066. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1084.

If USD/CAD manages to breach the first key support at 1.1020, it will probably continue to slide and test 1.1002. With this second key support broken, the movement to the downside will probably continue to 1.0988.

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