Don’t waste your time – keep track of how NFP affects the US dollar!

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USD/CAD awaits NFP

USD/CAD awaits NFP

Information is not investment advice

USD/CAD is consolidating ahead of the news. The release of the US and Canadian data at 15:30 MT time will bring substantial volatility to the pair. Although the longer-term bias of the pair is bullish, it’s not really strong, so it can't be a major argument. Yet, the daily chart suggests that there are more support levels at the bottom of the current consolidation pattern than resistance levels at its top. As a result, we prefer buy trades. 

There are clear support and resistance levels on the H4 chart formed by the previous highs and lows, and trading will be done on the basis of these levels.

As soon as the pair rises above 1.3310, we can anticipate a further upward movement towards 1.3350. The next important level to break is 1.3375.  

USDCAD h4.png

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