Last week, we saw a big sell-off force in U/C. U/C fell down 5 consecutive days without break. This could be explain if you look at Weekly chart. There is a divergence between price and Stoch + RSI indicators. Thus, it's easy to understand why U/C fell sharply last week.
This week,with a lot of economic data from both USA +Canada, the trend of U/C will be confirmed.
The main economic data of Canada this week :
- Canada GDP on Monday
- Net Change in Employment + Unemployment Rate + Ivey PMI on Friday
However, this week has a lot of US economic data, and the question is what data the market chooses to react.
Currently, USDCAD reached two main trend lines I show on the chart.
In RSI indicator, it also reached its support.
If you still believe in bullish trend of USDCAD, this is time to BUY USDCAD again.
I will try to LONG USDCAD to catch up US economic data.
This week,with a lot of economic data from both USA +Canada, the trend of U/C will be confirmed.
The main economic data of Canada this week :
- Canada GDP on Monday
- Net Change in Employment + Unemployment Rate + Ivey PMI on Friday
However, this week has a lot of US economic data, and the question is what data the market chooses to react.
Currently, USDCAD reached two main trend lines I show on the chart.
In RSI indicator, it also reached its support.
If you still believe in bullish trend of USDCAD, this is time to BUY USDCAD again.
I will try to LONG USDCAD to catch up US economic data.