USD/CAD - Will USD/CAD Fall or Rise?
This pair has been on a roller coaster this past week with a significant drop on Wednesday, falling from the 1.30000 psychological level down to 1.28250 approaching our monthly zone. However, the very next day price spiked back to the upside on the back of Thursday positive outlook from The Bank of Canada.
This pair stayed unfazed over NFP results and stays currently trading at 1.29500, with the lower time frame indicating possible bearish move next. We have a resistance level close to the price at 1.29750, if the price remains below that we could see a short opportunity present its-self.
Fundamentals for CAD - we expect price action to be dictated by NAFTA talk once again. President Trump seems to be very bipolar surrounding this issue and the markets are struggling to price in any kind of deal. Elsewhere, Canadian GDP came in worse than expectations and now its the turn of employment and we will also hear from BoC gov.