During yesterday’s trading session CAD/MXN traded within the range of 11.888-11.976 and closed at 11.953.
At 11:13 GMT today CAD/MXN was gaining 0.23% for the day to trade at 11.979. The pair touched a daily high at 11.990 at 11:03 GMT, breaching the first key resistance.
Fundamental view
The number of the employed people in Canada probably increased by 21 300 last month compared to March, according to the median forecast by experts. In March compared to February the number of the employed rose by 42 900. Creation of new job positions is considered of utmost importance for consumer spending. In case employment in the country increases more than expected, the loonie would be supported.
The rate of unemployment in Canada probably remained unchanged at 6.9% in April. Lower than expected unemployment would have a bullish effect on Canadian dollar. Statistics Canada is expected to release its official report at 12:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case CAD/MXN manages to breach the first resistance level at 11.989, it will probably continue up to test 12.027. In case the second key resistance is broken, the pair will probably attempt to advance to 12.079.
If CAD/MXN manages to breach the first key support at 11.902, it will probably continue to slide and test 11.851. With this second key support broken, the movement to the downside will probably continue to 11.814.
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