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Today's review of the USD/CAD currency pair will be devoted mainly to technical aspects. However, before that, we will talk about important events that can affect the price dynamics of this trading instrument. Today, at 13:30 London time, data on the Canadian labor market will be released, namely, the change in the number of employees, as well as the unemployment rate. Significant statistics from the United States are not provided for today.
Weekly
To complete the technical picture, let's start the analysis with the weekly USD/CAD chart, where it is visible what a fierce struggle is being waged between the opposing sides for the exit of the quote up from the descending channel. After the blue Kijun line of the Ichimoku indicator held back the pair's growth for three weeks in a row, it broke through at the current five-day trading. And at the time of writing, the weekly candle has an impressive bullish body. It is where we should not forget about the Canadian labor reports, which can significantly change the balance of power. The pair is currently trading near 1.2531, but if the growth continues, the pair may rise to 1.2756, where the blue 50 simple moving average passes. In my personal opinion, 50 MA is quite capable of stopping the growth and pushing the price down. However, everything will depend on the specific and actual figures for the Canadian labor market.
If they turn out to be strong and exceed the forecast values, USD/CAD bulls risk losing their hard-earned advantage. Otherwise, I do not rule out a breakdown of 50 MA and the closing of the week above this moving average. In principle, the closing of the week above the important and strong psychological level of 1.2500 can already be attributed to the success of the players to increase the exchange rate. But, as you know, there are no limits to perfection, so if the 50 MA goes up, the next target of the bulls for the pair will be the orange 200 EMA, which is located at 1.2951. Most likely, if this growth happens, it will not happen today. There is too little time left before the weekly trading closes, and there will be a long way to go. Judging by the weekly timeframe, the main attention should be paid to the closing price relative to the levels of 1.2500 and 1.2443, where the blue Kijun line passes. Most likely, the pair will end the week with growth, only the closing price of the current five-day trading remains a mystery.
Daily
There is a contradictory picture on the daily chart. Despite the upward dynamics, yesterday's candle has formed a fairly long upper shadow. It is long enough for the pair to go for a corrective pullback. That is why I stretched the Fibonacci grid for the growth of 1.2006-1.2588 and in the case of a rollback to the first Fibo level of 23.6, I suggest considering options for buying USD/CAD. Moreover, right under the Fibo level of 23.6, there is also a red line of the Tenkan Ichimoku indicator, which is quite able to strengthen support in this area. However, I suggest considering the next purchases after a rollback to the broken green resistance level of 1.2485, and, given the importance of the 25th figure, I consider 1.2500-1.2480 to be the zone for purchases. Now is not the best time for sales. I recommend opening short positions on USD/CAD only after the corresponding signals of candle analysis appear on the daily or weekly charts. That's all for now.
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