Forex Market: USD/CAD daily forecast

During yesterday’s trading session USD/CAD traded within the range of 1.0717-1.0754 and closed at 1.0732.

At 11:21 GMT today USD/CAD was losing 0.05% for the day to trade at 1.0728. The pair touched a daily low at 1.0716 at 8:10 GMT, the weakest since January 7th.

Fundamental view

Home values in 20 large cities throughout the United States probably rose at an annualized rate of 11.73% during April, preliminary experts’ estimates showed. In March, home prices climbed at a rate of 12.37%. S&P/Case-Shiller will release the official rate at 13:00 GMT.

At the same time, confidence among US consumers probably improved in June. The corresponding index probably rose to a reading of 83.5 from 83.0 in May. The Conference Board research group is to announce the results from its survey, encompassing over 5 000 households in the country, at 14:00 GMT. If the gauge of confidence shows a better than expected performance, this would certainly heighten the appeal of the US dollar.

Also at 14:00 GMT United States’ Census Bureau is to announce the results from the Survey of Construction, regarding sales of new, privately-owned residential buildings currently authorized by a building permit or started in areas not requiring a building permit in May. New home sales in the country probably jumped to 0.440 million last month from 0.433 million in May.

Technical view

According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.0752, it will probably continue up to test 1.0771. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0789.

If USD/CAD manages to breach the first key support at 1.0712, it will probably continue to slide and test 1.0695. With this second key support broken, the movement to the downside will probably continue to 1.0676.