USD CAD Forecast | Daily Technical Forecast for January 5, 2017
USD CAD Technical Forecast Overview
Yesterday Closed 1.3301
Today Open 1.3301
Day’s Range 1.3276 – 1.3312
52 wk Range 1.2458 – 1.4692
1-Year Return – 5.14%
USD CAD Technical Support and Resistance
USD CAD Forecast: USD CAD pair possibly will find the immediate support at 1.3278. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3236 and 1.3168.
On the other side the market has immediate resistance 1.3414. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3456 and 1.3524.
USD CAD Fundamental Analysis
USD CAD underwent a large correction yesterday as the dollar weakened across the board due to a lack of hawkish tone from the Fed members in the FOMC minutes that was released late yesterday. But even before the minutes were released, the pair was trading weakly as it could not sustain the move to the higher part of the ranges for long and hence due for a correction. It has since broken below 1.3300 where it trades as of this writing.
We do not have any major economic news from the Canadian region but we have the ADP employment report, Unemployment claims and the Non-Manufacturing PMI from the US, all of which are likely to cause volatility in this pair depending on how the data pans out. We also have the biggie in the NFP report tomorrow and for those who are not yet in a trade in this pair, it would be better for all the reports to come in and then evaluate the reaction of the markets to the same and then try and get in on this pair.
Along with usd cad forecast it is important to keep eye on economic.
Upcoming Important Economic News : (GMT +2)
- 3:15pm USD ADP Non-Farm Employment Change
- 3:30pm USD Unemployment Claims
- 4:45pm USD Final Services PMI
- 5:00pm USD ISM Non-Manufacturing PMI
- 5:30pm USD Natural Gas Storage