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USD/CAD Daily Forecast – U.S. Dollar Stays Strong Against Canadian Dollar

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·2 min read
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U.S. Dollar Is Mostly Flat Against Canadian Dollar

USD/CAD has recently made an attempt to settle below the support at 1.2760 but returned towards 1.2825 while U.S. dollar gained ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above the resistance at 96.25 and is trying to get to the test of the next resistance at 96.50. In case the U.S. Dollar Index settles above 96.50, it will move towards the next resistance level at 96.70 which will be bullish for USD/CAD.

Today, foreign exchange market traders focused on job market data from U.S. Non Farm Payrolls report indicated that U.S. economy added just 210,000 jobs in November while analysts expected that it would add as much as 550,000 jobs.

Unemployment Rate declined from 4.6% in October to 4.2% in November while analysts expected that it would decline to 4.5%.

The market’s reaction to these reports was nervous. The U.S. dollar has initially found itself under pressure as traders bet that Fed would be cautious when cutting its asset purchase program. However, U.S. dollar was able to gain upside momentum. Meanwhile, S&P 500 found itself under strong pressure, so the strength of the American currency indicates that traders rushed to safety ahead of the weekend which can bring more news on Omicron.

Technical Analysis

USD to CAD continues its attempts to settle above the resistance level at 1.2825. A move above this level will push USD to CAD towards the resistance at 1.2850.

In case USD to CAD manages to settle above 1.2850, it will head towards the next resistance level which is located at 1.2890. A successful test of this level will open the way to the test of the resistance at 1.2915.

On the support side, a move below 1.2800 will push USD to CAD towards the next support at 1.2780. In case USD to CAD manages to settle below this level, it will head towards the next support level which is located at 1.2760.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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