USDCAD remains under pressure before ADP data

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By :  ,  Financial Analyst

USD/CAD remains under pressure before ADP data

Yesterday, October Canadian inflation rate was published at +0.4% on month, much more than +0.1% expected. On a yearly basis, it stood at +0.7%, vs +0.3% expected. Later today, October ADP Employment change will be expected at -200,000.

From a technical point of view, on a daily chart, USD/CAD has struck against a former rising trend line and is capped by its 50-day moving average (in blue). The daily RSI stands around its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3250. The nearest support would be set at November bottom at 1.2920 and a second one would be set at set at September 2018 low at 1.2790 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex CAD

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