08.02.201808:32 Forex Analysis & Reviews: Fundamental Analysis of USD/CAD for February 8, 2018

Revisione a lungo termine

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USDCAD has been quite impulsive with the bullish gains recently which is expected to continue further in the coming days. USD has been the dominant currency since the recent Employment Change report was published with the significant increase which had a positive impact on the currency to gain against CAD. Ahead of the Employment Change report of CAD which is expected to decrease to 10.3k from the previous figure of 78.6k and Unemployment Rate increasing to 5.8% from the previous value of 5.7%, CAD is expected to lose more grounds against USD in the coming days. Today CAD Housing Starts report is going to be published which is expected to decrease to 211k from the previous figure of 218k, NHPI report is expected to be unchanged at 0.1% and Government Council Member Wilkins is going to speak about upcoming interest rate decision and monetary policies which are expected to inject volatility into the market before today's daily close. On the USD side, today Unemployment Claims report is going to be published which is expected to increase to 232k from the previous figure of 230k and Mortgage Delinquencies, which is the late payment value of the previous quarter for the mortgage, is expected to decrease from the previous value of 4.88%. As of the current scenario, CAD is expected to have worse economic report results in the coming days which is expected to add more to the USD gains. As USD has been in a great momentum after the recent Employment Change report, whereas worse result on the CAD Employment Change is expected to lead to more impulsive gain on USD side in the future.

Now let us look at the technical view. The price has bounced higher above 1.24 recently after the positive Employment Change report of USD which was also notified in the chart as Regular Bullish Divergence. The price is currently heading towards 1.2620 from where if it is broken with a daily close, further target towards 1.29 is expected in the coming days. As the price remains above 1.24 with a daily close, the bullish bias is expected to continue further.

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