USD CAD Forecast | Daily Technical Forecast for February 13, 2017
USD CAD Technical Overview
Yesterday Closed 1.3085
Today Open 1.3088
Day’s Range 1.3073 – 1.3121
52 wk Range 1.2458 – 1.3912
1-Year Return – 5.34%
USD CAD Technical Support and Resistance
Our Possible trading range for today 1.3171 – 1.3200
|Support 1: 1.3094||Resistance 1: 1.3122|
|Support 2: 1.3086||Resistance 2: 1.3130|
|Support 3: 1.3072||Resistance 3: 1.3144|
USD CAD Fundamental Analysis
USD CAD has managed to stay afloat due to the ongoing strength in the dollar and also due to the fact that the oil prices have continued to stay within a tight range despite the fact that the implementation of the oil production cut agreement going on fine. The support region around 1.3000 has been able to hold off the bears for many times over the past couple of weeks and it is also likely that the good economic data from the Canadian region should help the CAD going forward and this is likely to keep this pair under pressure in the short term.
On Friday, we saw the release of the unemployment rate and the jobs data from Canada and both of them exceeded the market expectations by far. This further strengthened the faith in the Canadian economy and also helped to put to rest the fears of a rate cut for now. The CAD bulls would be encouraged by the fact that the economy has been able to hold itself together despite the challenges in terms of low oil price and it should also help them further if and when the oil prices begin to rise further. But as far as the USDCAD pair is concerned, the bears should take note of the huge number of buy orders sitting around the 1.3000 and also the fact that the USD has started to gain in strength over the last few days. This has led to a keen tussle between then bulls and the bears and that is why the pair has not been able to breakout on either side.
Looking ahead to today, we do not have any major news from the US or the Canadian region and so we can safely expect the consolidation to continue for the rest of the day as both the currencies are likely to be equally bouyed up by their fundamentals.