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May. 7, 2021

Bearish run continues, Canadian Dollar down to 1.2132 (-0.15%)

(23:09) GMT

USD/CAD has been losing ground for 17 days, shedding a total of 3.82% of its value. Today's session suggests more of the same – Although starting the trading session strong, rising from 1.2151 to 1.2194, Canadian Dollar dropped back and is now priced at 1.2132.

This downslide might be related to financial indicators data published earlier as Canada Employment Change fell short of the -175,000 projections, at -207,100 and continued its downward trajectory from the previous figure of 303,100.

On the flip, side, data for Canada Ivey PMI (Apr) released today at 2:00 PM is better than expected at 60.6, but worse than the previous figure of 72.9.

Meanwhile, Canada's Unemployment Rate published today at 12:30 PM came out at 8.1, falling short of the 7.8 projections and continuing its decline from the previous 7.5 figure.

As the day reaches an end, a chart visual study suggests the Canadian Dollar resistance level is at 1.2613. In terms of trend indicators, we can see that the MACD line is below the MACD signal line significantly, meaning the medium-term trend might turn positive. The CCI indicator is bellow -100. When the CCI (Commodity Channel Index) is at this level, it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend. Momentum evaluation shows The Relative Strength Index indicates the Canadian Dollar is in oversold condition, allowing more gains. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 1.2117 – a low enough level to usually suggest the Canadian Dollar is trading below its value.

Overall, the technical analysis suggests the Canadian Dollar is neutral for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other symbols, Singapore Dollar dropped by 0.61%, its largest single-day drop since May 2020. EUR/CAD fell to 1.4649, hitting a 1 year low.

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Week to date

Canadian Dollar down to 1.2107, the last time it was this low was 3 years ago. .

USD/CAD went up to 1.2352 only to drop back to the starting point range and is now trading at 1.2132. (Start trading Canadian Dollar at FXTM today).

This downslide might be related to financial indicators data published earlier as Canada Employment Change published today at 12:30 PM came out at -207,100, falling short of the -175,000 projections and continuing its decline from the previous 303,100 figure.

On the flip side, Canada Ivey PMI (Apr) released today at 2:00 PM is better than expected at 60.6 but down from preceding data of 72.9 according to new data.

In the meantime, negative performances are also seen in other symbols,

However, positive performance can be seen looking at other symbols, as Gold rallied beyond $1,841.2 for the first time in 2 months.

At the same time,