USD/CAD is currently taken out by the bulls after the bears tried several times to push the price downwards. Today is an important economic report day for both USD and CAD. Today CAD Building Permits will be published which is expected to be at 1.4% which previously was at 5.4% and USD has Unemployment Claims report which is expected to be at 251k which previously was at 258k. On the both sides, the expectation is of a decreased figure and any positive changes will affect the market volatility in this pair. Tomorrow we have USD Non-Farm Payroll report which is also expected to show a decreased rate of 174k which previously was at 235k and CAD has Employment Change report which is also expected a decreased rate of 5.7k which previously was at 15.3k. A good number of volatility is going to strike this pair by the end of this week and a weekly close will signify upcoming moves in this pair.
Now let us look at the technical view, the price has violated the channel resistance again and currently residing above the channel trend line. Today and tomorrow is going to be a very volatile day for this pair. As per bullish pressure and daily close above the channel trend line it is expected that in the short term the price will head towards the next resistance level of 1.3530 area. Currently we will be waiting for this week to end for a long-term perspective in this pair.
from www.instaforex.com
