USDCAD Daily Outlook - On Thursday we found out that the US weekly jobless claims totaled 3.169 million, bringing the seven-week tally to 33.5 million. Canada’s Ivey PMI fell to 22.8 in April. The UK House prices fell -0.6% in April as coronavirus restrictions took hold. Oil jumped on China export bounce but long-term outlook remains weak.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Friday we’ll be eyeing Canada’s and the US unemployment rate as well as the US non-farm payrolls.
Today I’m looking at the USD/CAD pair which has just broken below the daily Ichimoku cloud but continues within a range between 1.41 and 1.38 which are the 38% and 61% Fibonacci retracement levels respectively.
With that, the current bearish sentiment could be supported at 1.38 again unless a new trend can be defined. With that, traders with high-risk tolerance could consider longing the pair at 1.38 and take profit at 1.41.
Do you think 1.38 will act as a support level again? Or you think the USD/CAD pair will drop further this time around? Head over to the Comments section and let me know.
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