Yesterday, ADP reported that Canada’s Payrolls fell by 205,400 in August. They fell by 523,000 in July. Later today, Retail sales data for July are expected at +1.0% on month, vs +23.7% in June. They are expected at +3.5% on a yearly basis.

From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line and by its declining 50-day moving average (in blue). The daily RSI stands below its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3320. The nearest support would be set at September bottom at 1.2990 and a second one would be set at set at October 2018 low at 1.2790 in extension.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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