The Canadian dollar ticked lower last week, as USD/CAD closing at 1.3462. There are just two events on the calendar this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. Canada added 54.5 thousand jobs in May, crushing the estimate of 11.5 thousand. In the US, the markets are increasingly skeptical about Trump, underscored by Trump’s failure to pass any health-care or tax reform. The “dovish hike“ is unlikely to excite the markets and send the greenback higher. [do action=”autoupdate” tag=”USDCADUpdate”/]USD/CAD daily graph with support and resistance lines on it. Click to enlarge: Manufacturing Sales: Tuesday, 8:30. The indicator rebounded in March with a strong gain of 1.1%. This was just shy of the forecast of 1.1%. The estimate for April stands at 0.9%. Foreign Securities Purchases: Thursday, 8:30. The indicator dropped to C$15.13 billion in March, short of the estimate of C$17.23 billion. The downswing is expected to continue in April, with an estimate of C$12.14 billion. USD/CAD Technical Analysis USD/CAD opened the week at 1.3499 and touched a high of 1.3536 late in the week, as resistance held firm at 1.3551 (discussed last week). The pair was unable to consolidate at these levels and dropped to a low of 1.3421. USD/CAD closed the week at 1.3480. Technical lines, from top to bottom We start with resistance at the round number of 1.39. 1.3794 was the high for the month of May. 1.3648 is next. 1.3551 held firm for a second straight week as USD/CAD posted gains late in the week before retracting. 1.3457 was a high point in September 2015. 1.3351 has held in support since mid-April. 1.3212 is next. 1.3083 is the final support level for now. I am neutral on USD/CAD The BoC is unlikely to raise rates anytime soon, as there is plenty of slack in the economy. The markets have priced in a rate hike next week, and ongoing political turmoil in the US could weigh on the US dollar. Our latest podcast is titled US labor market and UK’s Labour comeback Follow us on Sticher or iTunes Safe trading! Further reading: For EUR/USD, check out the Euro to Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. For the kiwi, see the NZDUSD forecast. 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 GBP/USD Forecast June 12-16 2017 Kenny Fisher 6 years The Canadian dollar ticked lower last week, as USD/CAD closing at 1.3462. There are just two events on the calendar this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. Canada added 54.5 thousand jobs in May, crushing the estimate of 11.5 thousand. In the US, the markets are increasingly skeptical about Trump, underscored by Trump's failure to pass any health-care or tax reform. The "dovish hike" is unlikely to excite the markets and send the greenback higher. [do action="autoupdate" tag="USDCADUpdate"/] USD/CAD daily graph with support and resistance lines on it. Click to… 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.
