USD/CAD In The Buyer’s Territory!

6 October 2021 | Updated: 6 October 2021

USD/CAD is traded in the red at 1.2633 at the time of writing, but the bias is bullish after the US ADP Non-Farm Employment Change reported better than expected data earlier today. The indicator was reported at 568K compared to 425K expected.

The Dollar Index is bullish and it stands right below a dynamic resistance. Making a valid breakout and a new higher high could signal that the greenback could extend its growth. The USD/CAD price action signaled a potential growth ahead of the US NFP.

USD/CAD Technical Analysis!

USD/CAD failed to stabilize below the daily R1 (1.2625) level and now is fighting hard to stabilize above the ascending pitchfork’s media line (ml). A new higher high, a bullish closure above the 1.2648 immediate high could activate further growth.

The pair could climb higher after failing to come back to reach the daily pivot point of 1.2585 level. Technically, the price could move sideways before resuming its growth.

Conclusion!

As long as it stays within the ascending pitchfork’s body, the USD/CAD pair could come back towards the 1.27 psychological level.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.