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USD/CAD has been quite corrective with the bearish momentum recently which is expected to lead to certain bullish intervention in the coming days. Though USD has been quite impulsive with the recent gains over most of the majors in the market, it failed to gain momentum over CAD ahead of the Employment report to be published this week.
This week on Friday, CAD Employment Change and Unemployment Rate report is going to be published which is expected to have an optimistic outcome in the coming days. Though no official forecasts have been provided yet but having Trade War tension fading off with NAFTA, CAD is expected to perform better having better GDP result published last with an increase to 0.5% from the previous value of 0.1% and better Trade Balance result as well with an increase to -0.6B from the previous figure of -2.7B. Today CAD Ivery PMI report is going to be published which is also expected to have an optimistic result with an increase to 64.2 from the previous figure of 63.1.
On the other hand, ahead of PPI and CPI report to be published this week, today USD JOLTS Job Opening report is going to be published which is expected to increase to 6.74M from the previous figure of 6.64M and IBD/TIPP Economic Optimism is also expected to increase to 57.2 from the previous figure of 56.4.
As of the current scenario, both currencies of the pair are awaiting the upcoming high impact economic reports to be published which is expected to inject certain volatility in the pair with definite momentum on either side. If CAD manages to provide better economic results in the coming days further bearish pressure is expected in the pair or else USD is expected to continue with a strong counter leading to impulsive bullish momentum in the pair for the coming weeks.
Now let us look at the technical view. The price has formed a Bullish Continuous Divergence along the corrective phase which is expected to push the price higher towards the resistance area of 1.33-1.34 in the coming days. As the price residing above 1.2900-50 support area with a daily close, the bullish bias is expected to continue further.
SUPPORT: 1.2900-50
RESISTANCE: 1.3300, 1.3400
BIAS: BULLISH
MOMENTUM: VOLATILE
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