The Canadian Dollar Finds Support Ahead Of Employment Data Release

• 11 May 2018

CAD/CHF

The CAD/CHF pair is looking oversold, with price action testing the upper Bollinger band and RSI breaking the 70 resistance line. A market top sits at the 0.788 price level, however, given the trajectory of momentum indicators it appears unlikely that that price action will move higher.

Impact event: Canadian Employment data will be released at 15:30 GMT+3 and will impact all CAD pairs.

NZD/CAD

The NZD/CAD pair is testing the 0.887 price level which represents a market bottom. RSI indicates that momentum is turning more bullish as the pair returns from oversold conditions. However, the tussle between buyers and sellers is clear with recent candles indicating that selling pressure remains.

CAD/JPY

The CAD/JPY pair has broken the high price SMA to the upside as well as the 85.35 price level. Despite a bullish bias, momentum indicators are relatively flat with RSI just falling short of overbought territory. The next price target for buyers is the 86.91 price level and fundamental factors later in the day are likely to have a greater impact on near-term price action.

USD/CAD

The USD/CAD pair has broken the low price SMA to the downside as trading volume has increased into the move. RSI has a downward trajectory and MACD is close to breaking the zero line to the downside. Positive employment data later today will be required for the CAD to extend gains over the U.S. Dollar.