FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and USDJPY) for the day
FxWirePro- USDCAD Daily Outlook
Intraday bias - Bearish
USDCAD trades flat ahead of US and Canada employment data. The headline Non -farm payroll is expected to fall further to 250000 compared to the previous month's 37200. Technically in the 4 -Hour chart, the pair is holding above the short-term( 21- EMA), 55- EMA, and below the long-term moving average of 200 EMA (1.28839). Any close below 1.2800 confirms the intraday bearish trend. A dip to 1.2760/1.27100 is possible. USDCAD hits a high of 1.28764 at the time of writing and is currently trading around 1.28769.
WTI crude oil declined below $90 after API crude inventory build of 2.165 million this week compared to a forecast of -467000 barrels. Any weekly close below $91.33 confirms further bearishness.
The near-term resistance is around 1.2905, any breach above targets 1.2965/1.3000/1.3050/1.3085.
Indicators (4 Hour chart)
CCI (50)- Bullish
It is good to sell on rallies around 1.2968-70 with SL around 1.3000 for TP of 1.2835.
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