​Chart Of The Day: USDCAD aims to revisit 50-DMA on Canadian employment report-day

Fri, 09 Aug 2019 13:24

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Having failed to cross 100 and 200-DMAs, not to forget its inability to rise past-50% Fibonacci retracement, USDCAD pair now declines towards 50-DMA level of 1.3192 on the day when Canadian employment data is up for publishing.

While expected improvement in July month Employment Change could drag the pair down beneath 1.3192, opening the gate for fresh declines to 1.3140, pessimistic data might not refrain from activating the pair's bounce to 38.2% Fibonacci retracement level of 1.3260.

In a case where prices dip beneath 1.3140, 1.3050 and 1.3015 may please sellers whereas an upside break of 1.3260 still has to cross 1.3300/10 area including key DMAs to again challenge 50% Fibonacci retracement level around 1.3345.

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