USD/CAD remains under pressure before ADP data
Christophe Chevalier November 19, 2020 6:02 PM
Canadian October ADP Employment change will be expected later today.
Yesterday, October Canadian inflation rate was published at +0.4% on month, much more than +0.1% expected. On a yearly basis, it stood at +0.7%, vs +0.3% expected. Later today, October ADP Employment change will be expected at -200,000.
From a technical point of view, on a daily chart, USD/CAD has struck against a former rising trend line and is capped by its 50-day moving average (in blue). The daily RSI stands around its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3250. The nearest support would be set at November bottom at 1.2920 and a second one would be set at set at September 2018 low at 1.2790 in extension.
Source: TradingView, GAIN Capital
From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.