Eightcap: USDCAD Analysis

Today's focus: USDCAD

Pattern – Support hold, retracement
Support – 1.3517
Resistance – 1.3597, 1.3640

• USDCAD price sits at a junction.
• USDCAD failed at its latest key resistance test.

Hi, and thanks for checking out our latest market update. Today, we have run over the USDCAD on the daily chart and discussed oil and the USD index, as well as upcoming news that could influence the current picture.

Price could be seen in a small squeeze at the moment. Will we see short-term support hold and potentially feed a new shot at key resistance? Or do we see support break and price make a new move back towards the main trendline?

Data to watch today: US unemployment claims and core PCE price index. Tomorrow, US employment data.

Have a great day and good trading.