USD/CAD: Eyes On Trade Deficit
LiteForex Europe | Apr 12, 2016 08:52AM ET
Since the beginning of the week, the USD/CAD pair has been growing. The growth in pair started amid statements made by the Bank of Canada Governor Stephen Poloz on Monday.
Today in the afternoon, a series of macroeconomic indicators are released in the US and Canada. The US trade deficit is expected to widen to $46.2 billion. On the other hand, the pair can get support if Canada posts a bigger trade deficit than in the previous month. Moreover, favorable data on ISM Non-Manufacturing PMI can strengthen the US dollar.
Bollinger Bands on the daily chart is directed down. The pair is trading between the lower and the middle MAs of the indicator. MACD histogram is in the negative zone. Stochastic is moving up in the middle of its range.
It is recommended to wait for clearer trading signals.
Support levels: 1.3000, 1.2904, 1.2855.
Resistance levels: 1.3121, 1.3278, 1.3343, 1.3583.
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