Forex Market: USD/CAD daily forecast

During Friday’s trading session USD/CAD traded within the range of 1.0817-1.0916 and closed at 1.0898.

At 11:59 GMT today USD/CAD was losing 0.17% for the day to trade at 1.0879. The pair touched a daily low at 1.0876 at 11:57 GMT.

Fundamental view

The US Federal Budget Surplus probably expanded to $114 in April, after a $36.9 billion deficit in the previous month.

The monthly newsletter on revenue and expenditure of the United States Government (MTS) is prepared by the Office of Financial Management at the Ministry of Finance after approval by the Assistant Secretary of the Treasury. The newsletter covers the financial activities of the Federal Government and non- budgetary activities carried out in accordance with the budget of the U.S. government, ie revenue and expenditure of funds, deficit or surplus, which means cover the deficit or surplus allocation. The main information sources include accounting data reported by federal sources, tax and regional structures of FED.

The US Department of the Treasury will publish its report at 18:00 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.0937, it will probably continue up to test 1.0976. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1036.

If USD/CAD manages to breach the first key support at 1.0838, it will probably continue to slide and test 1.0778. With this second key support broken, the movement to the downside will probably continue to 1.0739.