During yesterday’s trading session USD/CAD traded within the range of 1.0843-1.0912 and closed at 1.0902.
At 11:32 GMT today USD/CAD was gaining 0.12% for the day to trade at 1.0914. The pair touched a daily high at 1.0918 at 10:48 GMT.
Fundamental view
Factory orders in the United States rose 0.5% in April, a monthly survey will probably reveal at 14:00 GMT. In March compared to February orders jumped 0.9%, which was a lower gain than initially reported. This indicator reflects current industrial activity in the country and also provides clues over sector development in the future. The survey is based on 89 different industrial categories, which are organized in 473 sub-groups. A larger rate of increase would be supportive for the US dollar.
Technical view
According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.0928, it will probably continue up to test 1.0955. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0997.
If USD/CAD manages to breach the first key support at 1.0859, it will probably continue to slide and test 1.0817. With this second key support broken, the movement to the downside will probably continue to 1.0790.
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