- USD/CAD has taken support near 1.25075 (20 day 4HMA) and slightly recovered till 1.2610 from that level. Overall trend is bullish as long as support 1.2500 holds.
- Canadian job market are expected to shed 500 jobs compared to 1000 in previous week. The unemployment rate is expected to be at 6.9% compared to 6.8%.
- On the downside any break below 1.2500 will take the pair further down till 1.2480/1.2420.
- The pair’s minor resistance is around 1.2620 and any break above would extend gains till 1.2650/ /1.27080 in short term.
Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku – Buy
Recommendation: Buy USD/CAD around 1.2560, SL 1.2500, Target 1.2700.
The material has been provided by InstaForex Company – www.instaforex.com