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USDCAD Movement and Levels Breakdown | Forex

Published: 31.08.2023
by Joseph Jeffriess

Today’s focus: USDCAD

Pattern – Support hold, retracement
Support – 1.3517
Resistance – 1.3597, 1.3640

• USDCAD price sits at a junction.
• USDCAD failed at its latest key resistance test.

Today, we review USDCAD on the daily chart and discuss Oil and the USD index, as well as upcoming news that could influence the current market picture.

The price could be seen in a small squeeze at the moment. Will we see short-term support hold and potentially feed a new shot at key resistance, or do we see support breaking and the price moving back towards the main trendline?

Data to watch today: U.S. unemployment claims and core PCE price index. Tomorrow, U.S. employment data.

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