USDCAD remains under pressure before ADP data
Canadian October ADP Employment change will be expected later today.
Share this:
Yesterday, October Canadian inflation rate was published at +0.4% on month, much more than +0.1% expected. On a yearly basis, it stood at +0.7%, vs +0.3% expected. Later today, October ADP Employment change will be expected at -200,000.
From a technical point of view, on a daily chart, USD/CAD has struck against a former rising trend line and is capped by its 50-day moving average (in blue). The daily RSI stands around its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3250. The nearest support would be set at November bottom at 1.2920 and a second one would be set at set at September 2018 low at 1.2790 in extension.
Source: TradingView, GAIN Capital
Yesterday, October Canadian inflation rate was published at +0.4% on month, much more than +0.1% expected. On a yearly basis, it stood at +0.7%, vs +0.3% expected. Later today, October ADP Employment change will be expected at -200,000.
From a technical point of view, on a daily chart, USD/CAD has struck against a former rising trend line and is capped by its 50-day moving average (in blue). The daily RSI stands around its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3250. The nearest support would be set at November bottom at 1.2920 and a second one would be set at set at September 2018 low at 1.2790 in extension.
Source: TradingView, GAIN Capital
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
USD/JPY outlook: Hawkish Fed recalibration pressures the yen
Stronger US growth momentum and rising Treasury yields are keeping USD/JPY pointed higher, even as Japanese policymakers try to limit the pressure building across domestic markets.
AUD/USD Crushed Ahead of Jobs Report as US Dollar, Yields Surge
AUD/USD slumps towards 70c as surging US yields and a stronger dollar overshadow Australian jobs data and the RBA outlook.
USD/MXN Forecast: Peso Loses Momentum Ahead of Banxico Decision
Over recent trading sessions, the Mexican peso has started to show signs of losing strength against the U.S. dollar. This can be seen in the performance of USD/MXN, which has gained more than 1.7% over the last three sessions, highlighting the dollar's renewed strength against the peso.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.