USD/CAD Analysis - page 12

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The USD/CAD pair initially fell during the day on Thursday but turned right back around and form a massive hammer. As we press the 1.30 level I cannot help but notice that this is the place to be as far as Forex is concerned today. After all, we get the jobs number coming out of the United States, as well as the Canadian employment numbers. Simply put, if we can get a strong number in one market and a soft one in the other, this could lead the direction of the market going ahead.
 
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The pair is stuck in a very tight range while everyone are waiting for the US Change in Non-farm Payrolls announcement. Let's hope it will cause more than a whipsaw.
 
USD/CAD is still moving to the upside and it will soon test the resistance at 1.3100. I think that if breaks out above that level it will continue climbing towards the previous high at 1.3187.
 
The USDCAD may try to break above the 1.3100 level, but the 200 day EMA may act as resistance and bounce to the 1.3000 level.
 
The pair found resistance at 1.3140 and bounced off that level. I think it may continue falling towards 1.2950 - 1.2940 but tomorrow the Bank of Canada will announce its interest rate statement, so it also depends on its effect on the pair.
 
The BoC rate decision announcement today caused a 100 pips drop and USD/CAD is back to testing 1.2950. I think that if there's a breakout below that level it will continue dropping towards 1.2900 - 1.2870.
 
The pair has almost reached 1.2900. I think that if there's a breakout below 1.2870 the pair will continue falling towards 1.2800.
 
The asset is flat now. I’ll set pending orders nearby the upper bound and bottom line and will see which one is gonna work.
 
The USD/CAD pair fell significantly during the course of the day, but at this point in time we still see quite a bit of support just below, extending all the way down to the 1.2650 level. With this, and the fact that the oil markets don’t necessarily look healthy at this point, I believe that sooner or later we will see a turnaround in this market. We obviously won’t yet, as we are closing towards the bottom of the candle, but a supportive candle below is a buying opportunity as far as I can see.
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