USD/CAD is in the Selling Zone

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

USD/CAD is bullish but it is currently in the resistance zone.

We need to watch the NFP and CAD news today. CAD will have an impact from Employment Change. Employment Change reports the change in the number of people employed versus the prior month. Job creation is an important indicator of consumer spending. A reading that is stronger than forecast is generally supportive (bullish) for the CAD, while a weaker than forecast reading is generally negative (bearish) for the CAD. If the market makes the breakout above 1.2850 then we should see 1.2908 and 1.2950. Soon

However if we see a bearish candlestick reversal pattern inside the zone, get ready for the wave of selling towards 1.2640 zone.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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