USDCAD Forecast | Daily Technical Forecast for January 9, 2017
USDCAD Technical Overview
Yesterday Closed 1.3237
Today Open 1.3237
Day’s Range 1.3226 – 1.3255
52 wk Range 1.2458 – 1.4692
1-Year Return – 6.59%
USDCAD Support and Resistance
USDCAD Forecast: USD/CAD pair possibly will find the immediate support at 1.3240. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3237 and 1.3232.
On the other side the market has immediate resistance 1.3250. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3253 and 1.3258.
USD CAD Fundamental Analysis
USDCAD has been having a quiet few days which is something that we have been forecasting over the past few days. We have been mentioning that with the oil prices buoyant and continuing to be so going forward as the oil production cut agreement gets implemented, we are likely to see the CAD doing well. Add to this the fact that the data which came out from Canada on Friday, where the employment change and trade balance were much better than expected, supporting the CAD as well, in the short and the medium term, we are likely to see strength in the CAD. This would have normally led to a large correction in the USD/CAD pair.
We do not have any major economic news from the Canadian or the US regions for today and so we are likely to see the dollar continue to move higher and this will also help the USDCAD pair moves towards 1.3300.
Along with usdcad forecast it is important to keep eye on economic.
Upcoming Important Economic News: (GMT +2)
- 5:00pm USD Labor Market Conditions Index m/m
- 10:00pm USD Consumer Credit m/m