Technical analysis of the USD/CAD
CAD/CHF got a boost
Information is not investment advice
On the daily chart of CAD/CHF, on June 3, the pair met support at 0.7383 and rebounded. It may be a good boost for the CAD. However, on Thursday and Friday, we anticipate several economic releases that may affect the Canadian dollar. On Thursday, trade balance data will have an impact on the CAD. On Friday, investors will closely follow Canadian jobs data. Positive economic figures may push the pair further up. The first important resistance is located at 0.7463. A breakthrough above this level will lead the pair to 0.7545.
If the data doesn't encourage the Canadian dollar, an increase to 0.7463 will be limited. In this case, we may see a slide towards 0.7383. If the pair closes below it, the trendline will become another important border to cross. Moreover, we see that Awesome oscillator and MACD indicator are in the negative zone that increases risks of the fall.
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USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.
A bearish “engulfing” pattern was formed on the W1 chart of NZD/USD around the 38.2% Fibonacci retracement level of the July-October decline.