Escenario bajista: Ventas por debajo de 80.00 con TP1:79.60... Escenario alcista anticipado: Compras intradía sobre 80.70 con TP: 81.50...
Fundamentals drive USD/CAD upper
2020-09-04 • Actualizada
The poor Canadian data in combination with the positive US report should push USD/CAD to the upside. Jump in for technical analysis!
Fundamentals
All attention to USD/CAD as economic releases have just come out from both sides. The Canadian labor report revealed that 245 800 people found jobs in August, while analysts had predicted 262 500. At the same time, the Canadian unemployment rate was 10.2%, which was slightly worse than the forecast of 10.1%. The negative data may weigh on the loonie.
As for the US economic releases, non-farm payrolls came out almost as planned: 1.371 million Americans became employed during August, while analysts foresaw 1.375 million. The US unemployment rate came out much better than anticipated: 8.4% vs. the forecast of 9.8%. Besides, average hourly earnings beat estimates too. They turned out 0.4%, while the forecast was 0.0%. The optimistic data should add tailwinds to the US dollar.
Technical tips
USD/CAD has been trading in the descending channel since the end of June. However, now the pair may even break through the upper trend line amid such strong fundamentals. Actually, it has failed to cross it so far. There is the main question now: will be stronger fundamentals or technical factors? Let’s see what will happen. The move above the intersection of the yesterday’s high and upper trend line at 1.3130 may drive the pair upper to 1.3190. On the other hand, if the pair falls below the key psychological mark of 1.3000, it may dip down to the low of January 6 at 1.2950. Watch out closely the breakout of these levels and follow further news!
Similar
Escenario Bajista: Ventas por debajo de 78.99 con TP1:77.93, TP2: 77.45 y tras su rompimiento TP3:76.56 y TP4: 75.70. Escenario Alcista: Compras sobre 78.00(esperar pullback a esta zona) con TP1: 1679.00 (POC descubierto*), TP2: 79.33 y TP3: 79.66 en intradía.
Escenario bajista: Ventas por debajo de 80.00 con TP1:79.34, TP2: 78.94,TP3: 78.55 y 78.00 Escenario alcista: Compras sobre 78.00 (esperar retroceso hacia zona) con TP:79.34 TP2:80.00 y TP3: 81.00
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