Black Pipper

Forex Dreamers

General analysis and forecast of USD/CAD for today, April 9, 2021


During the Asian session on Friday, USD / CAD is recovering after its decline the day before, caused by a weak report on jobless claims in the US, which rose for the second week in a row.

Today the March report of the Canadian labor market is released. Analysts expect unemployment to fall from 8.2% to 8.0%. Employment will increase by 100 thousand, which is less than 250 thousand in the previous month.

In the US, the producer price index for March will be released, and the Department of Agriculture will release a report on the current situation.

Technical analysis

Bollinger Indicator Bands according to the chart, the daily formations are rebuilt in the horizontal direction.

Also read  UK retail sales turned out to be much better than expected

The MACD histogram is just below the zero line, holding a weak buy signal, and may soon turn into positive territory.

Stochastic is growing, but over the past day, the indicator’s growth has slowed down.

usdcad_daily
usdcad_daily

With the breakdown of 1.2554, open short positions with a take profit of 1.2500. Set your stop loss at 1.2580.

In case of breakdown and consolidation above 1.2600, we return to buying with a take profit of 1.2700. Placing a stop loss at 1.2554.

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