USD/CAD dipped lower but recovered late in the week, as the pair showed little change for a second straight week. There is only one release in the upcoming week. Here is an outlook at the highlights and an updated technical analysis for USD/CAD. Canada’s manufacturing sector continues to show improvement, as Manufacturing PMI punched into expansion territory, with a reading of 52.9 in July. Back in April, the PMI dropped to a miserable 33.0. Canada posted some strong data at the end of the week, but the Canadian dollar still lost ground. The economy created an impressive 418.5 thousand, beating the estimate of 395.0 thousand. The unemployment rate fell to 10.9%, down from 12.3% beforehand. There was good news from the US manufacturing sector as well, as the ISM Manufacturing PMI improved to 54.2 in June, up from 53.6 beforehand. A reading above the 50-level points to expansion. US employment data was stronger than expected. Nonfarm payrolls slowed to 1.76 million, down from 4.8 million beforehand. Still, this beat the forecast of 1.53 million. Wage growth beat the estimate of -0.5% with a gain of 0.2%, after two straight declines. As well the unemployment rate fell from11.1% to 10.2%, beating the estimate of 10.5%. USD/CAD daily chart with support and resistance lines on it. Click to enlarge: Housing Starts: Monday, 12:15. Housing starts punched past the 200K-level in June, for the first time in four months. The indicator improved to 212 thousand, up from 193 thousand beforehand. This marked a 5-month high. The forecast for July stands at 201 thousand. USD/CAD Technical Analysis Technical lines from top to bottom: We start with resistance at 1.3757. 1.3661 (mentioned  last week) is next. 1.3550 has held in resistance since mid-July. 1.3420 was tested in resistance early in the week. 1.3330 is a weak support line. 1.3265 is next. 1.3078 is the final support level for now. . I am neutral on USD/CAD The Canadian dollar continues to hold its own against the greenback, but wasn’t able to make any inroads last week. Both the US and Canada posted strong job numbers on Friday, so there wasn’t much volatility from the pair at the end the week. The lack of activity could continue in the upcoming week. Follow us on  Sticher  or  iTunes Further reading: EUR/USD forecast  – for everything related to the euro. GBP/USD forecast  – Pound/dollar projections. AUD/USD forecast  – analysis for the Aussie dollar. USD/CAD forecast  – Canadian dollar predictions. Forex+ weekly forecast  – Outlook for the major events of the week. Safe trading! Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Canadian Dollar ForecastMinorsWeekly Forex Forecasts share Read Next Forex Weekly Outlook Aug. 10-14 – Employment and consumer data eyed Kenny Fisher 2 years USD/CAD dipped lower but recovered late in the week, as the pair showed little change for a second straight week. There is only one release in the upcoming week. Here is an outlook at the highlights and an updated technical analysis for USD/CAD. Canada's manufacturing sector continues to show improvement, as Manufacturing PMI punched into expansion territory, with a reading of 52.9 in July. Back in April, the PMI dropped to a miserable 33.0. Canada posted some strong data at the end of the week, but the Canadian dollar still lost ground. The economy created an impressive 418.5 thousand, beating… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
