logo |


    Your location: Home >  Forum  >  Market analysis  >  Content details
    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.

    Write your question...
    Please sign in first Sign up/in to comment

    There is no comment yet. Make the first one.


    Successfully published

    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.