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CAD has been quite strong recently due to the hint of a rate hike in the coming days. USDCAD has been impulsively bearish after breaking below 1.3550 area. Today CAD Trade Balance report is going to be published which is expected to have an increase in the deficit to -0.5B from the previous value of -0.4B and Building Permits is expected to show some positive result with an increase ещ 2.5% from the previous negative value of -0.2%. On the USD side, today we have ADP Non-Farm Employment Change report to be published which is expected to show a decrease to 184k from the previous value of 253k, as job creation is the most leading indicator of the consumer spending thus economic development so any positive or negative report in this economic event will have higher impact on the market today. Along with it, Unemployment Claims report is also going to be published today which is expected to decrease to 243k from the previous value of 244k, Trade Balance is expected to show less deficit at -46.3 from the previous value of -47.6B, ISM Non-Manufacturing PMI is expected to show slight decrease to 56.5 from previous value of 56.9 and Crude Oil Inventories are expected to show negative value of -2.4M which previously was positive at 0.1M. To sum up, a respectable number of economic events are going to be taken place today on the both currencies of this pair which may lead to greater volatility in the market ahead of NFP report tomorrow. Currently, as of the current market situation CAD has an upper hand over the USD and it is expected to dominate USD further in the coming days as well.
Now let us look at the technical view, the price is currently struggling below the 1.30 resistance level after breaking it as a support last week. Yesterday the price has already retested the level and we have seen a good amount of bullish rejection off the level which signals further bearish move in this pair in the coming days with a target towards 1.2830. As the price remains below 1.30 level with a daily close the bearish bias is expected to continue further without any strong intervention of the bulls.
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