Forex Market: USD/CAD daily trading forecast

Friday’s trade saw USD/CAD within the range of 1.1189-1.1327. The pair closed at 1.1231, losing 0.61% on a daily basis.

At 9:39 GMT today USD/CAD was up 0.02% for the day to trade at 1.1235. The pair touched a daily high at 1.1249 at 9:05 GMT.

Fundamentals

United States

Services PMI data by Markit

Activity in the US sector of services was probably little changed in November, with the corresponding preliminary Purchasing Managers’ Index coming in at a reading of 56.9. If so, this would be the lowest index reading since April, when the final value was reported at 55.0. In September the final seasonally adjusted PMI stood at 57.1, down from a preliminary value of 57.3. The PMI is based on data collected from a representative panel of more than 400 private sector companies, which encompasses industries such as transport and communication, financial intermediaries, business and personal services, computing & IT and hotels and restaurants. Values above the key level of 50.0 indicate optimism (expanding activity). Lower-than-expected PMI readings would mount selling pressure on the US dollar. The preliminary data by Markit Economics is due out at 14:45 GMT.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.1249. In case USD/CAD manages to breach the first resistance level at 1.1309, it will probably continue up to test 1.1387. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1447.

If USD/CAD manages to breach the first key support at 1.1171, it will probably continue to slide and test 1.1111. With this second key support broken, the movement to the downside will probably continue to 1.1033.

The mid-Pivot levels for today are as follows: M1 – 1.1072, M2 – 1.1141, M3 – 1.1210, M4 – 1.1279, M5 – 1.1348, M6 – 1.1417.

In weekly terms, the central pivot point is at 1.1263. The three key resistance levels are as follows: R1 – 1.1337, R2 – 1.1443, R3 – 1.1517. The three key support levels are: S1 – 1.1157, S2 – 1.1083, S3 – 1.0977.