During yesterday’s trading session USD/CAD traded within the range of 1.0815-1.0904 and closed at 1.0832.
At 11:35 GMT today USD/CAD was losing 0.02% for the day to trade at 1.0829. The pair touched a daily low at 1.0817 at 8:20 GMT, the weakest since January 8.
Fundamental view
The number of the employed people in Canada probably increased by 21 300 last month compared to March, according to the median forecast by experts. In March compared to February the number of the employed rose by 42 900. Creation of new job positions is considered of utmost importance for consumer spending. In case employment in the country increases more than expected, the loonie would be supported.
The rate of unemployment in Canada probably remained unchanged at 6.9% in April. Lower than expected unemployment would have a bullish effect on Canadian dollar. Statistics Canada is expected to release its official report 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 1.0886, it will probably continue up to test 1.0939. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0975.
If USD/CAD manages to breach the first key support at 1.0813, it will probably continue to slide and test 1.0771. With this second key support broken, the movement to the downside will probably continue to 1.0718.
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