US Markets

USD/CAD Daily Price Forecast – The Loonie Pair Stabilizes Ahead Of US Non-Farm Payrolls & Canadian Unemployment Reports

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The Loonie pair started on the Friday’s trading session at around 1.3360 level. The pair later slipped reaching 1.3355 level where it remained in the consolidation mode during the Asian session. USD/CAD tumbled thereon in the middle of rising crude prices. West Texas Intermediate(WTI) remained above $70 per barrel level which is the highest since YTD. This upsurge in the crude prices led to the uplift in the commodity-linked Canadian dollars thereby pushing down the loonie pair.

US Treasury Bond Yields rose to new levels albeit didn’t reflect on the USD Index’s performance during the day. However, the USD Index shifted gears and got elevated on positive US-Sino news. Reports revealed that the trade talks are at the last stage and the deal is expected to get signed soon.

Key Influencing USD/CAD Events Lined Up For The Day:

12:30 GMT (Highly Volatile Event)

The US Department of Labor will publish the March Non-Farm Payrolls, and it will identify the change in Payroll. The difference in these numbers will tend to impact the Forex Board. The consensus estimates a higher number to 180K than prior 10K.

12:30 GMT (Highly Volatile Event)

Statistics Canada will release the March Net Change in Employment, and this data will signify the number of employed people in Canada. The consensus estimates the Change to 1.0K than the previous 55.9K.

12:30 GMT (Highly Volatile Event)

Statistics Canada will publish the Unemployment Rate, and it will provide the number of unemployed people in the country. The higher rates exhibit weakening of the Economy. The Consensus is in-line with the Rate estimates to 5.8 percent.

12:30 GMT (Mid Volatile Event)

The CAD Statistics will release the March Participation Rate, and it will indicate the total Labor Force above 15 years. The Market analysts expect a decrease in the Rates to 65.7 percent across the previous 65.8 percent.

12:30 GMT (Mid Volatile Event)

Statistics will broadcast the March Average Hourly Wages (YoY), and this report will examine the increase in income of the Canadians. The previous Average was 2.25 percent.

Technical Analysis

USDCAD 5 Min 5 April 2019

The USD/CAD broke the strong resistance level of 1.3367 reaching 1.3369 level at 10:40 GMT. The loonie pair was trading above the 21-day SMA (Simple Moving Average), 55-day SMA, 100-day SMA and 200-day SMA showing bullish stance on its future movements. The pair remained in the vicinity between the upper bound of the Keltner Channel and the EMA (Exponentially Moving Average) showing signals of an uptrend. RSI (Relative Strength Index) displayed majorly sustained within the standard range of 30-70 levels.

This article was originally posted on FX Empire

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