Forex Market: USD/CAD daily forecast

During yesterday’s trading session USD/CAD traded within the range of 1.0919-1.0978 and closed at 1.0928, losing 0.4% for the day.

At 11:04 GMT today USD/CAD was adding 0.21% for the day to trade at 1.0944. The pair touched a daily high at 1.0948 at 9:55 GMT.

Fundamental view

The US Federal Budget Balance probably turned to deficit of $95.00 billion in July, following a $70.52 billion surplus 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, the central pivot point for the pair is at 1.0942. In case USD/CAD manages to breach the first resistance level at 1.0964, it will probably continue up to test 1.1001. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1023.

If USD/CAD manages to breach the first key support at 1.0905, it will probably continue to slide and test 1.0883. With this second key support broken, the movement to the downside will probably continue to 1.0846.

In weekly terms, the central pivot point is at 1.0954. The three key resistance levels are as follows: R1 – 1.1005, R2 – 1.1036, R3 – 1.1087. The three key support levels are: S1 – 1.0923, S2 – 1.0872, S3 – 1.0841.