USD/CAD Forex Signal 05/09: Rises Ahead Of NFP (Video)
- On Friday, if we break above the 1.3870 level, I am a buyer with a stop loss at the 1.38 level, and a target of 1.41 above.
If we can take out the 200 day EMA to the upside at 1.3870, then 1.39 gets targeted, followed by 1.40, et cetera. Any short-term pullback, I think, opens up the possibility of value hunting, but we will have to see how Friday plays out. Friday could change the entire narrative, we just don't know. I do see a massive amount of support at the 1.36 level, extending all the way down to the 1.35 level, where I think you have a major point of contention. Anything below there, I think the US dollar is in trouble, not only against the Canadian dollar, but probably multiple other currencies as well.
EURUSD Chart by TradingViewThat being said, if the economy is starting to slow down in the United States and globally, Canada is not the place you want to be. So that should drive the value of the US dollar higher. Again, by the end of the day on Friday, we should have quite a bit more information, but right now we are in a holding pattern in what looks to be an attempt for the US dollar to gain ground yet again.Ready to trade our USD/CAD daily analysis and forecasts? Here's a list of the best Forex Trading platform in Canada to choose from.
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