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    Market analysis USD/CAD Outlook (10 April 2020)

    Related product:Others
    Market analysis:Overall, USD/CAD is ranging across. Recently, USD/CAD moved lower into the support level of 1.39800.
    The OPEC meetings yesterday ended inconclusively. Although both Saudi Arabia and Russia agreed to a 10 million barrels-per-day (bpd) cut, Mexico refused a proposed cut of 400,000bpd, stating that they are only ready to cut production by 100,000bpd and threatened to withdraw. Moreover, OPEC+ said that they will not cut oil production without Mexico. OPEC meetings will resume today.
    The Canadian employment data released yesterday were worse than forecasted.
    - Employment Change (Actual: -1010.7K, Forecast: -427.0K, Previous: 30.3K)
    - Unemployment Rate (Actual: 7.8%, Forecast: 7.4%, Previous: 5.6%)
    The Canadian dollar was not negatively affected by the poor employment data upon release due to the initial optimism arising from the oil price war between Saudi Arabia and Russia. As a result, USD/CAD weakened.
    Currently, USD/CAD is testing the support level of 1.39800 and the next resistance level is at 1.42250.
    Canadian banks will be closed on Monday in observance of Victoria Day. Lower trading volume and volatility is expected during the Canadian trading session.

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    Jin_Forex
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