3 Apr 2015
USD/CAD set to dip near 1.2400 levels if US NFP disappoints – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the probable price action into USD/CAD from the two possible US NFP outcomes.
Key Quotes
“USD/CAD is seen trading slightly in negative territory, extending in the short‐term upside channel. The daily RSI at 46 aims lower indicating further room for declines.”
“The pair is likely to test 1.2460 levels if the US non‐farm payrolls data miss market forecasts. In case of a breach of that level, selling pressure may intensify drowning the pair to test 1.24 handle.”
“However, if the jobs data come out in line with expectations or beat expectations, USD bulls may take charge and the pair is likely to pierce through 1.2575 resistance and test 1.26 barrier, beyond which the pair may shoot to 1.2655 (April 2 High) levels.”
Key Quotes
“USD/CAD is seen trading slightly in negative territory, extending in the short‐term upside channel. The daily RSI at 46 aims lower indicating further room for declines.”
“The pair is likely to test 1.2460 levels if the US non‐farm payrolls data miss market forecasts. In case of a breach of that level, selling pressure may intensify drowning the pair to test 1.24 handle.”
“However, if the jobs data come out in line with expectations or beat expectations, USD bulls may take charge and the pair is likely to pierce through 1.2575 resistance and test 1.26 barrier, beyond which the pair may shoot to 1.2655 (April 2 High) levels.”