2020-09-07 17:56
Market analysisUSD/CAD Outlook (07 September 2020)
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Market analysis：
Overall, USD/CAD is trending downwards. Recently, USD/CAD broke below the key level of 1.31.
The Canadian employment data released last Friday indicated that jobs are still being added in August while unemployment rate remains around the same level as July.
-Employment Change (Actual: 245.8K, Forecast: 262.5K, Previous: 418.5K)
-Unemployment Rate (Actual: 10.2%, Forecast: 10.1%, Previous: 10.9%)
Canadian banks will be closed today in observance of Labor Day. Expect lower trading volatility and volume.
Earlier today, Saudi Arabia made the deepest monthly price cuts for supply to Asia due to a decrease in optimism on demand recovery of oil prices.
Currently, USD/CAD is testing to break above the key level of 1.31. Its next support zone is at 1.29800 and the next resistance zone is at 1.31800.
Look for buying opportunities of USD/CAD if it breaks above the key level of 1.31.
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USD/CAD Outlook (07 September 2020)
Singapore | 2020-09-07 17:56Overall, USD/CAD is trending downwards. Recently, USD/CAD broke below the key level of 1.31.
The Canadian employment data released last Friday indicated that jobs are still being added in August while unemployment rate remains around the same level as July.
-Employment Change (Actual: 245.8K, Forecast: 262.5K, Previous: 418.5K)
-Unemployment Rate (Actual: 10.2%, Forecast: 10.1%, Previous: 10.9%)
Canadian banks will be closed today in observance of Labor Day. Expect lower trading volatility and volume.
Earlier today, Saudi Arabia made the deepest monthly price cuts for supply to Asia due to a decrease in optimism on demand recovery of oil prices.
Currently, USD/CAD is testing to break above the key level of 1.31. Its next support zone is at 1.29800 and the next resistance zone is at 1.31800.
Look for buying opportunities of USD/CAD if it breaks above the key level of 1.31.
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