Forex Market: CAD/MXN daily forecast

During Friday’s trading session CAD/MXN traded within the range of 11.870-11.924 and closed at 11.900.

At 8:38 GMT today CAD/MXN was gaining 0.02% for the day to trade at 11.902. The pair touched a daily high at 11.916 at 7:20 GMT.

Fundamental view

At 13:00 GMT today Insituto Nacional de Estadistica Y Geografia is expected to report on nation’s trade balance during March. In February the surplus was 0.976 billion MXN. The trade balance reflects the difference in value between exported and imported goods during the respective period. A positive figure indicates that more goods and services have been exported than imported. Export demand has a direct link to demand for the national currency and also causes an impact on levels of production. In case the surplus on Mexico’s trade balance continued to expand, this would provide support to the peso.

Technical view

According to Binary Tribune’s daily analysis, in case CAD/MXN manages to breach the first resistance level at 11.926, it will probably continue up to test 11.952. In case the second key resistance is broken, the pair will probably attempt to advance to 11.980.

If CAD/MXN manages to breach the first key support at 11.872, it will probably continue to slide and test 11.844. With this second key support broken, the movement to the downside will probably continue to 11.818.