Fundamentals drive USD/CAD upper

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!

USDCADH4.png

TRADE NOW

Similar

Últimas noticias

Depósito con sistemas de pago locales

Aviso de recopilación de datos

FBS mantiene un registro de tus datos para ejecutar este sitio web. Al presionar el botón "Aceptar", estás aceptando nuestra Política de Privacidad .

Callback

Un gerente le contactará pronto

Corregir número

Su solicitud ha sido aceptada

Un gerente le contactará pronto

La próxima solicitud de devolución de llamada para este número telefónico
estará disponible en

Si tienes algún problema urgente, contáctanos a través del
Chat en vivo

Error interno. Por favor, inténtelo nuevamente más tarde

¡No pierdas tu tiempo – mantente informado para ver cómo las NFP afectan al USD y gana!

Está utilizando una versión anterior de su navegador.

Actualícelo a la última versión o pruebe otro para una experiencia de trading más segura, cómoda y productiva.

Safari Chrome Firefox Opera