Yesterday during the trading session the pair continued to grow and reached the maximum of 2017 year, despite the slight weakening of the USD against some of the main currencies such as GBP and EUR due to the weak USA employment market data publication. The Initial Jobless Claims value was higher than expected: 243K against 235K. Yesterday the oil prices were stable, so the CAD price was stable too.
There are a lot of key releases today, which can influence the USD/CAD pair. The Nonfarm Payrolls and the unemployment data are to be published in the USA, and the Canada Unemployment Rate is expected too.
Support and resistance
On the daily chart the pair is growing along the upper border of the Bollinger Bands indicator, the price range is widen, which reflects the development of the upward trend in the middle term.
The MACD gives a signal to open long positions, the signal line has crossed the zero line downwards, and the histogram’s volumes are slightly growing.
Support levels: 1.3485, 1.3430, 1.3370, 1.3320, 1.3245, 1.3185, 1.3095, 1.3000, 1.2915.
Resistance levels: 1.3540, 1.3600.
Open long positions at the current level with the target at 1.3540, 1.3600 and stop loss at 1.3460.
Open short positions at the level of 1.3430 with the target at 1.3370 and stop loss at 1.3460.
Implementation period: 1-2 days.