USDCAD Depends on Canadian Employment Figures
September 9, 2016 10:55 amVideo
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USDCAD Canadian Net Change in Employment and Unemployment Rate for August, will be released at 12:30 GMT today. USDCAD has turned bearish since 1st September, when the US ISM figure underperformed. Yet the level at 1.2800 is a significant support level. USDCAD has rebounded since 7th September, after the Bank of Canada announced rates remain unchanged at 0.5%. USDCAD has formed a consolidation pattern since the end of July. The 1.2910 resistance level was broken yesterday. The bullish momentum continued this morning and broke the resistance level at 1.2940. The next significant resistance level is at 1.3000, followed by 1.3050. The newly formed support line is at 1.2940, followed by 1.2910, 1.2850, and 1.2830. The 4 hourly Stochastic Oscillator is above 70, be aware of a retracement. With better-than-expected Canadian employment numbers, USDCAD will likely retrace and test the support line at 1.2910. With weaker-than-expected readings, USDCAD will likely rally and test the resistance level. GBPUSD This morning we got released the UK Trade Balance, Trade Balance Non-EU, and Total Trade Balance readings for July, all outperformed the previous figures. GBPUSD rallied after the figures were released, testing the significant resistance level at 1.3300 then retraced as the selling pressure at this level is heavy. Yet the 4 hourly Stochastic Oscillator is around 30, indicating the price will likely rebound, and keep on testing the resistance at 1.3300. The resistance level is at 1.3300, followed by 1.3330 and 1.3370. The support line is at 1.3270, followed by 1.3230 and 1.3200. DXY The US Initial Jobless Claims released yesterday fell to 259K, from the previous figure of 263K, marking the 79th straight week of claims below 300K. The Continuing Jobless Claims fell slightly to 2.144 million, from the previous figure of 2.151 million. The positive figures indicate the US labour market remains sound. The dollar index rebounded 0.73% yesterday after testing the significant support line at 94.55, and broke the uptrend line resistance. Today the bullish momentum continues and is testing the resistance level at 95.00. The resistance level is at 95.00, followed by 95.20 and 95.40. The support level is at 94.73, followed by 94.55 and 94.35. The 4 hourly Stochastic Oscillator is crossing over downwards, be aware of a pullback. WTI Spot The price of WTI surged 4.24% yesterday, as the EIA crude oil stockpiles figure dropped substantially in 14.513 million barrels. Nevertheless, fundamentally the prospects for oil prices are likely to be more bearish, as a result of oversupply. WTI has formed a consolidation pattern since August. The resistance level is at 48.00, followed by 48.35 and 48.60. The support line is at 47.30, followed by 47.00 and 46.40. The 4 hourly Stochastic Oscillator and CCI indicator are both above 70, suggesting a pullback.
Source: FX Pro Market Snapshot
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