USD/CAD – Canadian Dollar Subdued On Mixed Canadian Construction Data

The Canadian dollar is steady in the Monday session. Currently, is trading at 1.3358, down 0.20% on the day. On the release front, Canadian construction numbers were a mix.

The Canadian economy has been affected by the trade war between the U.S. and China, especially the manufacturing and export sectors. With talks between the two super-economies continuing, there is optimism that China and the U.S. will reach a deal, and that could boost the Canadian dollar. There were reports this week that an agreement is 90% complete, with the remaining issues including enforcement mechanisms and the removal of trade tariffs. The optimism over the trade talks has buoyed share prices in China, with the index rising to its highest level since March 2018 earlier this week.

USD/CAD Fundamentals

Friday (April 5)

  • 8:30 US Average Hourly Earnings. Estimate 0.3%
  • 8:30 US Nonfarm Employment Change. Estimate 172K
  • 8:30 US Unemployment Rate. Estimate 3.8%
  • 8:30 Canadian Employment Change. Estimate 3.0K. Actual -7.2K
  • 8:30 Canadian Unemployment Rate. Estimate 5.8%. Actual 5.8%
  • 15:00 US Consumer Credit. Estimate 17.2B

*All release times are DST

*Key events are in bold

USD/CAD for Monday, April 8, 2019

USD/CAD, April 8 at 9:10 EST

Open: 1.3384 High: 1.3387 Low: 1.3355 Close: 1.3360

USD/CAD Technical

S3 S2 S1 R1 R2 R3
1.3125 1.3200 1.3290 1.3383 1.3445 1.3552

USD/CAD showed little movement in the Asian session and posted small losses in European trade

  • 1.3290 is providing support
  • 1.3383 was tested earlier in resistance. It is a weak line
  • Current range: 1.3290 to 1.3383

Further levels in both directions:

  • Below: 1.3290, 1.3200 and 1.3125
  • Above: 1.3383, 1.3445, 1.3552 and 1.3662

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