The USD/CAD pair could register sharp movement after the US NFP release. A new lower low may activate a larger drop. A valid breakout above 1.2901 could validate further growth. The USD/CAD price seems undecided in the short term. It moves somehow sideways. Thatās why we have to wait for strong confirmation before taking action. Itās traded at 1.2833 at the time of writing, and itās trapped between 1.2813 todayās low and 1.2868 yesterdayās high. –Are you interested in learning more about spread betting brokers? Check our detailed guide- The traders are waiting for the US and Canadian economic data, which could bring high volatility and sharp movements. Today, the fundamentals will move the markets. Thatās why you have to be careful. Anything could happen. Technically, the currency pair has shown some signs of exhaustion after reaching a resistance area. Still, as long as the Dollar Index resumed its growth, the currency pair remained bullish. However, despite the bullish bias, the DXY retreated in the last hours after registering another false breakout above the 103.65 – 103.82 resistance zone. The US Non-Farm Employment Change is expected at 390K in April versus 431K in March. As a result, average Hourly Earnings may report a 0.4% growth, while the Unemployment Rate could drop to 3.5% from 3.6% in March. On the other hand, the Canadian Unemployment Rate could drop from 5.3% to 5.2%, while Employment Change could come in at 39.5K versus 72.5K in the previous reporting period. Get FREE Forex Signals Now! USD/CAD price technical analysis: Range pattern The USD/CAD pair rebounded after finding support on the 1.2718 key level. 1.2771 – 1.2901 represents a resistance zone, so it remains to see how it will react after the high-impact economic figures. Better than expected US data could boost the pair, while worse than expected could punish the USD. Personally, Iām expecting to see sharp movements. Thatās why itās risky to go long or short before the data dump. However, a valid breakout above the 1.2901 may signal an upside continuation. –Are you interested in learning more about Australian brokers? Check our detailed guide- On the other hand, registering only false breakouts above the 1.2871 – 1.2901 area may signal a potential sell-off. Also, we cannot exclude an extended sideways movement. A larger downside movement could be activated only by a valid breakdown below 1.2718, by a new lower low. 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 Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next GBP/USD Weekly Forecast: Worse Not Over, Bears Eying Inflation Data Saqib Iqbal 2 weeks The USD/CAD pair could register sharp movement after the US NFP release. A new lower low may activate a larger drop. A valid breakout above 1.2901 could validate further growth. The USD/CAD price seems undecided in the short term. It moves somehow sideways. Thatās why we have to wait for strong confirmation before taking action. Itās traded at 1.2833 at the time of writing, and itās trapped between 1.2813 todayās low and 1.2868 yesterdayās high. -Are you interested in learning more about spread betting brokers? Check our detailed guide- The traders are waiting for the US and Canadian economic data,… 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.