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Forex Market: USD/CAD daily forecast

During Friday’s trading session USD/CAD traded within the range of 1.0822-1.0868 and closed at 1.0845.

At 11:13 GMT today USD/CAD was gaining 0.15% for the day to trade at 1.0861. The pair touched a daily high at 1.0864 at 10:53 GMT.

Fundamental view

At 14:00 GMT the Institute for Supply Management (ISM) is to report on manufacturing activity in the country. According to experts’ estimates, the gauge of manufacturing probably increased to 55.4 last month from 54.9 in April. Values above 50.0 signify increased activity. In case market expectations are exceeded, the US dollar will receive support.

Technical view

Screenshot from 2014-06-02 14:17:54

According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.0869, it will probably continue up to test 1.0891. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0914.

If USD/CAD manages to breach the first key support at 1.0822, it will probably continue to slide and test 1.0799. With this second key support broken, the movement to the downside will probably continue to 1.0776.

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