USD/CAD Down

USD/CAD was one of the biggest losers on Friday when the NFP and jobs data were released. The pair went from 1.3114 to below 1.30 and reached 1.2952 in the earlier hours today. Currently the pair is trading at 1.2960. This week we have several events that will create higher volatility and may define the trend further.

My expectations are that the pair will reach 1.3280 before the end of the week and after that there will probably be a correction as we would have reached the resistance level as well as the 200SMA.

Today, however, mild volatility can be expected as we have no data coming out and market participants might wrap up around 1.2970 in anticipation of the next big news.

Chart: USD/CAD D1