USD/CAD remains on a bearish track despite the uplift provided by the Fed tapering. Fed’s unclear stance on rate hike is keeping the Greenback on backfoot. US NFP is expected to come up with positive numbers according to the ADP figures. The USD/CAD forecast is bearish as the price maintains a negative tone after paring off yesterday’s gains and closing below the 1.2400 mark. -If you are interested in knowing about ETF brokers, then read our guidelines to get started. Despite the Federal Reserve’s efforts to push the dollar to recapture territory it lost earlier this week, the USD/CAD price remains roughly unchanged throughout the day. As the Canadian dollar recovered from a three-week low hit by falling oil prices, investors supported the Federal Reserve’s decision to cut its bond-buying program. The G10FX room was relatively quiet after the Fed meeting after the policymakers announced that they would cut bond purchases in November to end in 2022. However, they believed that high inflation would be “temporary” and unlikely to prompt a rate hike shortly. However, recovery will now depend on how the economy performs, and there can be volatility today as JOLTS are released ahead of Friday’s key non-farm employment number. Get FREE Forex Signals Now! It is more likely that inflation will be less “transitory” than expected, increasing the likelihood of an earlier rate hike than expected. However, officials believe inflation will slow down as the COVID rainfall subsides. The Fed still doesn’t forecast rate hikes until the end of 2023, but the data will determine the exact timing when it is released. As fiscal stimulus weakens to the point that policy becomes restrictive, we anticipate a slowdown in momentum by the middle of next year that would delay action. ADP’s US private sector employment report showed surprising gains, perhaps a prelude to Friday’s employment data. Following an increase of 523,000 in September (revised below 568,000), the streak grew to 571,000. -Are you looking for high leveraged forex brokers? Take a look at our detailed guideline to get started- USD/CAD price technical forecast: Bulls vs. bears at 1.2400 The USD/CAD price remains under bearish pressure, falling from the mid-1.2400 area towards the 1.2375 zone. However, the pair found some respite by the confluence of 20-period and 50-period SMAs on the 4-hour chart. Any bullish attempt will find resistance at 1.2450 ahead of 1.2500. On the flip side, 1.2370 will be the initial support ahead of 1.2300. The volume data shows a negative picture while the 200-period SMA is also keeping a downward pressure. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Financial Services PR & Marketing Agency FinancePR.com Launches Gary McFarlane 4 weeks USD/CAD remains on a bearish track despite the uplift provided by the Fed tapering. Fed's unclear stance on rate hike is keeping the Greenback on backfoot. US NFP is expected to come up with positive numbers according to the ADP figures. The USD/CAD forecast is bearish as the price maintains a negative tone after paring off yesterday's gains and closing below the 1.2400 mark. -If you are interested in knowing about ETF brokers, then read our guidelines to get started. Despite the Federal Reserve's efforts to push the dollar to recapture territory it lost earlier this week, the USD/CAD price… Top 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.