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USDCAD
It can be seen that the US dollar is running out of strength to further push the rate up. The upcoming data also does not indicate large differences in the previous readings, which proves that the optimism is running out. If we look at the data for Canada on Friday, we can see that the forecast is very optimistic, so we can expect a strengthening of the Canadian dollar. Canada’s expected employment is over 200,000 more so far, while unemployment is falling.
In the image I have marked the place where consolidation can take place in anticipation of Friday, but there we should already have an action plan. Breaking the level will give a signal for a deepening of the price and further declines.
