ONLINE FOREX BROKER
2020-12-07 • Updated
So many factors have recently appeared on the market which should definitely impact USD/CAD. First of all, the important economic releases will be out soon from both Canada and the USA. The Canadian labor data in combination with the US NFP report will be published at 15:30 MT time. No doubt that the main driver of the pair will be NFP, but take into consideration the Canadian data as well.
Elsewhere, OPEC+ decision to prolong oil output cuts moved oil prices upwards. As a result, the resurgence of crude oil impacted positively the commodity-sensitive loonie as Canada is one of the world’s largest oil exporters.
The pair is trading in a downtrend, and the moving averages moving in descending order just confirm it. Looking at the last candlesticks, we may notice a lot of indecision. The price is stuck between 1.2850 and 1.2875. However, it’s just the calm before the storm. Upcoming economic reports will shake this pair definitely. The positive Canadian data and the negative US data will drive the pair down. Otherwise – up. If USD/CAD jumps above the top of this range, it may surge to the key psychological mark of 1.2900. Support levels are at 1.2850 and 1.2820. Follow the releases and catch the market flow!
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