During yesterday’s trading session CAD/CHF traded within the range of 0.8350-0.8385 and closed at 0.8383.
At 7:00 GMT today CAD/CHF was gaining 0.1% for the day to trade at 0.8387. The pair touched a daily high at 0.8396 at 2:20 GMT, breaching the first key resistance.
Fundamental view
The number of employed people in Canada probably increased by 26 000 last month compared to May, according to the median forecast by experts. In May compared to April, the number of employed in the country rose by 25 800. 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.
In addition, the rate of unemployment in Canada probably remained unchanged at 7.0% in June. 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 CAD/CHF manages to breach the first resistance level at 0.8395, it will probably continue up to test 0.8408. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8430.
If CAD/CHF manages to breach the first key support at 0.8360, it will probably continue to slide and test 0.8338. With this second key support broken, the movement to the downside will probably continue to 0.8325.
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