CAD supported above 1.37 mark, Economic data from US as well as Canada in focus
Intraday bias remains Neutral for the moment. On the top side, a break of 1.3797 levels will confirm the trend reversal and may drag the pair again around 1.40 marks. On the other side, if pair falls below 1.3639 levels,…
On the top side, a break of 1.3797 levels will confirm the trend reversal and may drag the pair again around 1.40 marks.
On the other side, if pair falls below 1.3639 levels, then next support will be 1.3512 levels.
Initial support levels are seen at 1.3660, 1.3569 and 1.3501 levels.
On the top side, resistance levels are seen at 1.3819, 1.3887 and 1.3978 levels.
US NFP data will be the main key driver in the US session. Apart from US job data, Canada will also publish current labour market condition along with the trade balance data.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
