Forex Market: USD/CAD daily trading forecast

Yesterday’s trade saw USD/CAD within the range of 1.2425-1.2546. The pair closed at 1.2468, losing 0.41% on a daily basis.

At 10:07 GMT today USD/CAD was up 0.18% for the day to trade at 1.2490. The pair touched a daily high at 1.2496 at 9:28 GMT.

Fundamentals

United States

Job Openings

The number of job openings in the United States probably rose a third month in December to reach 4.990 million, according to market expectations, from 4.970 million in the prior month. This indicator refers to all positions that are open, but not filled on the last business day of the month. Job openings are part of the Job Openings and Labor Turnover Survey (JOLTS), which gathers data from about 16 400 non-farm establishments including retailers and manufacturers, as well as federal, state, and local government entities in the 50 states and the District of Columbia. The survey assesses the unmet demand for labor in the labor market. Higher-than-projected number of openings is usually dollar positive. The Bureau of Labor Statistics is to release the official data at 15:00 GMT.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.2480. In case USD/CAD manages to breach the first resistance level at 1.2534, it will probably continue up to test 1.2601. In case the second key resistance is broken, the pair will probably attempt to advance to 1.2655.

If USD/CAD manages to breach the first key support at 1.2413, it will probably continue to slide and test 1.2359. With this second key support broken, the movement to the downside will probably continue to 1.2292.

The mid-Pivot levels for Monday are as follows: M1 – 1.2326, M2 – 1.2386, M3 – 1.2447, M4 – 1.2507, M5 – 1.2568, M6 – 1.2628.

In weekly terms, the central pivot point is at 1.2550. The three key resistance levels are as follows: R1 – 1.2750, R2 – 1.2973, R3 – 1.3173. The three key support levels are: S1 – 1.2327, S2 – 1.2127, S3 – 1.1904.