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USD/CAD Continues To Grow After Strong U.S. Labor Data

Published 07/14/2016, 01:48 AM
Updated 07/09/2023, 06:31 AM
USD/CAD
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USD/CAD 4-Hour Chart

The USD/CAD pair continues growing after strong data on the US labor market was released last Friday. Moreover, the Canadian dollar remains under pressure due to the period of weakness in oil prices.

On Wednesday the Bank of Canada announces its decision on interest rates. Economists suggest the Regulator will keep interest rates unchanged at 0.5% that is seen as a negative factor for the national currency.

On the 4-hour chart, the price is testing a strong resistance level of 1.3131. Bollinger Bands is directed up while the price range is widening. MACD histogram is in the positive zone; the indicator is keeping a strong buy signal. Stochastic has left the overbought zone.

According to the indicators, long positions seem preferable.

Support levels: 1.3092, 1.3057, 1.3034, 1.2997.
Resistance levels: 1.3131, 1.3156, 1.3170, 1.3194.

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