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    Market analysis USD/CAD Outlook (09 April 2020)

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    Market analysis:Overall, USD/CAD is trending upwards. Recently, USD/CAD tested and failed to break below the key level of 1.40.
    OPEC meetings will be held today. Market participants will be paying attention to the number of barrels of oil cut agreed by OPEC and the progression of the oil price war between Saudi Arabia and Russia.
    An agreed big cut by OPEC on oil production may lead to the strengthening of the Canadian dollar.
    The Canadian employment data will be released later at 2030 (SGT).
    - Employment Change (Forecast: -427.0K, Previous: 30.3K)
    - Unemployment Rate (Forecast: 7.4%, Previous: 5.6%)
    It is forecasted that the Canadian jobs market performed badly in March due to the negative impact of the coronavirus pandemic.
    If the released data is worse than or as forecasted, the Canadian dollar may weaken.
    Canadian banks will be closed tomorrow in observance of Good Friday. Lower trading volume and volatility is expected during the Toronto session.
    USD/CAD’s next support level is at 1.39800 and the next resistance level is at 1.42250.

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