Ahead of the crucial employment details, the USD/CAD pair is seen trading with a positive bias for the third successive day and draws support from a combination of factors. A softer tone around Crude Oil prices undermines the commodity-linked Loonie, which, along with a modest US Dollar (USD), uptick acts as a tailwind for the major.
Any disappointment from the Canadian employment details could further weigh on the domestic currency and provide an additional boost to the USD/CAD pair. Conversely, stronger data might lend support to the Canadian Dollar and cap the upside for the major. The immediate market reaction, however, is more likely to be limited as the focus remains glued to the closely-watched US monthly jobs data - popularly known as NFP.
Valeria Bednarik, Chief Analyst at FXStreet, offers a brief technical outlook for the USD/CAD pair and writes: “Technical readings in the daily chart suggest the upward potential remains limited, as indicators have barely recovered from near oversold readings, lacking strength enough to confirm another leg north. Furthermore, USD/CAD develops below a directionless 100 Simple Moving Average (SMA) at 1.3520, while the 20 SMA gains bearish traction far above the longer one.”
Valeria further outlines important technical levels to trade the USD/CAD pair: “A steeper decline could be expected on a break below the 1.3400 threshold, with market players targeting then the 1.3250/70 region, where the pair bottomed multiple times between November and February. Gains beyond 1.3520, on the other hand, could see the pair testing the 1.3600 mark.”
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