Forex Market: CAD/MXN daily forecast

During yesterday’s trading session CAD/MXN traded within the range of 11.844-11.918 and closed at 11.864.

At 10:57 GMT today CAD/MXN was gaining 0.01% for the day to trade at 11.866. The pair touched a daily high at 11.879 at 10:16 GMT.

Fundamental view

Wholesale sales in Canada probably rose by 0.4% in March, following a 1.1% gain in the previous month, according to the median analysts’ estimate.

The study measures monthly sales of Canadian wholesalers from each province or region. It provides information about the situation in the wholesale sector and is an important indicator of the state of the Canadian economy. The total value of sales is calculated by deflating the current value in dollars, using the indexes for imports and industrial prices. Since many of the products to wholesalers in the country are subject to import fluctuations of the Canadian dollar, this can have a significant impact on the prices of goods bought and sold by them. This is the percentage change from the previous month.

Statistics Canada is scheduled to publish the official report at 12:30 GMT. A higher than expected gain would certainly heighten the appeal of the loonie.

Technical view

According to Binary Tribune’s daily analysis, in case CAD/MXN manages to breach the first resistance level at 11.906, it will probably continue up to test 11.949. 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 11.832, it will probably continue to slide and test 11.801. With this second key support broken, the movement to the downside will probably continue to 11.758.