The Canadian is being strengthened with the respect to the US dollar

11 March 2022 363
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Since the beginning of December 2020, the USDCAD currency pair has been tried for three times to break the resistance level of 1.285 down. The last attempt was made three days ago. Although, it was unsuccessful and the pair again is trading below the level of 1.285.

The blue line of the Stochastic indicator left the overbought zone and it is directed downwards indicating the USDCAD decline.

Today, at 18:30 Moscow time, the Canadian labor market statistics will be updated. According to forecasts, the unemployment rate will decrease and employment will grow.

If the forecasts are justified, the Canadian dollar will likely to start consolidating and the USDCAD currency pair will decrease.

The nearest target of decline is 1.263.

This content is for informational purposes only and is not intended to be investing advice.

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