Opinion on the USD/CAD pair

The pair USD/CAD fell significantly after the publication of data on the US and Canada. The US dollar was under pressure after the publication of non-farms, as market participants decided to ignore the growth of employment in the US and a decrease in the level of unemployment. For more information, see https://esterholdings.com/en/2017/11/03/dollar-ssha-teryaet-pozitsii-3/.

An additional catalyst for the decline in the pair USD/CAD was data on employment in Canada, which supported the Canadian currency. According to published data, employment change in October was 35.3K, exceeding the September change at the level of 10.0K. A more significant strengthening of the Canadian kept the unemployment rate in October rising to 6.3%, against the previous value of 6.2%.

Technical analysis: Based on the published statistics, the pair USD/CAD has renewed the minimum of the week to the level of 1.2713. In case of further reduction, support levels are considered at 1.2650 marks; 1.2620; the resistance levels at 1.2780; 1.2830.

Fig. Graph USD/CAD current price – 1,2744

Alexander Sivtsov