Weekly Technical Outlook: USD/CAD; Market Forecasts for June 1st – June 5th

  • Stop loss 1.2536
  • Entry level 1.2411
  • First Target at 1.2317
  • Next targets to test at 1.2274, 1.2207

 

Weekly Technical Outlook: USD/CAD; Market Forecasts for June 1st – June 5th
Weekly Technical Outlook: USD/CAD; Market Forecasts for June 1st – June 5th
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USD/CAD edged higher to 1.2537 last week, but found a too stronger resistance area to breach the levels, with price action closing on a negative note with bearish pin bars. Initial bias stays bearish this week. As long as the resistance level holds at 1.2537, down trend is expected to extend through 1.2317 to 1.2274 levels.

The fib 61.8 area has stronger resistance with 1.1250 holding the upward bias and aligning together, acting as stronger resistance. Price action found sellers bringing the pair down with back to back pin bar rejections at key levels and the down trend line at resistance. The pair, at the end of the week, lost some of its momentum with the break of 1.2317 and confirmed the shift in movement.

Economic

  • US Dollar for the week PMI Manufacturing forecasted at 52.1
  • ISM Manufacturing Survey at 51.92
  • ADP Employment Change at 187.5 K
  • Non-Farm Payroll seen at 227.12 k
  • Canadian PMI Manufacturing
  • International Merchandise Trade expected at – 1.95B
  • Net Change in Employment at – 30 K
  • Unemployment Rate forecasted to be at 0.0685

Area of Interest

  • The resistance level at 1.1250 levels finding stronger resistance.
  • Back to back rejection with pin bar at resistance levels.
  • The Fib of 61.8 levels which is holding the levels has resistance at 1.1250 areas.
  • Down trend line holding the resistance levels with pin bar closing below 61.8 and 1.1250.

 

For more detailed analysis from the author, please visit NoaFX.

 

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