Current trend

The USD/CAD pair is trading around the 1.3566 level, intending to continue growing towards 1.3607 if today’s Canadian labor market data, due at 14:30 (GMT 2), is poor. According to forecasts, the change in employment in March will be 25.9K, lower than the previous value of 40.7K, and the unemployment rate will remain at 3.9%. However, if actual values are better than the preliminary estimates, the asset will continue to trade in the accumulation zone of 1.3607–1.3493.

The long-term trend is upward: last month, the price reached the resistance level of 1.3607 and corrected to the support level of 1.3493, where it reversed to the March high of 1.3607. If it is broken, the next target will be 1.3670. If it consolidates below the support level of 1.3434, the long-term trend may reverse downwards.

The medium-term trend is upward towards zone 2 (1.3738–1.3719). After a decline this week, the quotes are rising to the resistance level of 1.3613, after breaking through which, at a retest, long positions with the target in zone 2 are relevant. If the asset reaches the key support area of 1.3431–1.3413, then when a buy signal is formed, an increase to 1.3613 is expected.

Support and resistance

Resistance levels: 1.3607, 1.3670, 1.3764.

Support levels: 1.3493, 1.3464, 1.3434.

Trading tips

Long positions may be opened from 1.3493, with the target at 1.3607 and stop loss 1.3464. Implementation time: 9–12 days.

Short positions may be opened below 1.3464, with the target at 1.3380 and stop loss 1.3493.