17.05.201713:00 Forex Analysis & Reviews: Fundamental analysis of USD/CAD for May 17, 2017

Long-term review

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USD/CAD retraced towards 1.3600 after a surge towards 1.3800. The greenback is stronger than the loonie on the back of some positive economic reports. Today we have the manufacturing sales report from Canada which is expected to be positive at 1.1% versus the previous reading of -0.2%. At the same time, the United States will present the crude oil inventories report which is expected to be at -2.5M versus the previous -5.2M. The economic events of CAD and USD is expected to bring in good amount of volatility due to the high impact intensity. A daily close today will lead to a certain direction in this pair where USD has an upper hand over CAD.

Now let us look at the technical view. The price is currently residing above the event level of 1.3600 and seems to be correcting itself ahead of CAD and USD high impact news today. Currently we are in bullish bias as the price is above 1.3600 and looking forward for the price to climb towards 1.3800-1.4000 resistance area. On the other hand, if the price closes below 1.3600, then we will be looking forward to sell with a target towards 1.3260 support level. A daily close today will determine the upwards move in this pair.

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