Apr. 2, 2021
After starting the day at 1.2547 USD/CAD went up to 1.2583 only to drop back, yet still positive overall today, trading now at 1.2573. (Start trading Canadian Dollar at FXTM today).
The Canadian Dollar green move comes while some more encouraging signs are out as United States Non Farm Payrolls came out at 916,000, above the estimate of 647,000. This is also a step forward from the previous data of 468,000. The United States Unemployment Rate matches expectations with the new data release of six. This is also a step forward from the previous data of 6.2. The United States ISM Manufacturing PMI (Mar) beat expectations of 61.3 with new data release of 64.7. This is also a step forward from the previous data of 60.8.
As the day reaches an end, a chart visual study suggests the nearest resistance level is at 1.2739. In terms of trend indicators, we can see that at 1.2547, Canadian Dollar made an initial breakout above the 21 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that the upper Bollinger band is at 1.2652, This is a slight indication of a slowdown.
Overall, technical indicators suggest the Canadian Dollar has no obvious direction for the immediate future.
The Canadian Dollar shows positive signs, other assets are also on par: S&P climbed to a new all-time high at 4,020.63. The Pound/Yen hit 153.08, highest rate in 2 years.