USDCAD at the moment is very quiet due to the great rally it had this week and now waiting for NFP news.
On the weekly chart our monthly pivot points say that we are half way up in our uptrend as we would be looking for an M-M4 /21 ema @1.325. We can see that we are at a resistance zone at the moment right off of the 8 ema @ 1.29
On the daily chart we have a confirmation of an uptrend as market has closed above the 21Ema levels, so we could expect the market to get higher with the next resistance level around 1.296. As NFP is around the corner we can expect different scenarios
- Bad NFP could push price down to the 1.275 area/ 8 ema which in turn would give us a nice retracement to buy into the trend. If the 1.275 level doesn’t hold then we would be back in our regular routine of selling off this pair.
- Good NFP would push the market up to the 1.296 level and higher which in turn wight end up seeing the 1.325 level mentioned above.
- Trade Safe:)