USDCAD | Strong Economic Data boost the CAD | 13-17/5/2024
Canadian job market expanded by 90.4K fresh payrolls while annual wage growth slowed to 4.8%. Fed Bostic said the central bank is uncertain about when and how much interest rates should be reduced.
Oil Price Decrease boosting the USD on the other hand. Gaza tension also could increase the flow to safe haven Dollar, increase the Dollar Strength
Technical Analysis
on Friday, USDCAD hit the support level 1.36306 , and quickly bound back to above of SMA 200.
USDCAD is forming the Bullish Pennant Price Pattern, more data of US will be publish this week. Investor need to monitor data for the break of this pattern.
Oil Price Decrease boosting the USD on the other hand. Gaza tension also could increase the flow to safe haven Dollar, increase the Dollar Strength
Technical Analysis
on Friday, USDCAD hit the support level 1.36306 , and quickly bound back to above of SMA 200.
USDCAD is forming the Bullish Pennant Price Pattern, more data of US will be publish this week. Investor need to monitor data for the break of this pattern.
