USDCAD 08.02.2019

USDCAD Daily – Will supply zone 1.3340 stop demand? – Many depend on today’s labour market data.

Today at 1:30 p.m. GMT we will get to know data from the Canadian labour market. Among other things, we will get to know the unemployment rate and average salary. Undoubtedly, this information will influence the USDCAD exchange rate. Analyzing the graph of this pair, we can see that the last 5 sessions have been developing under the dictates of demand. When we go back to the September 2018 quotations we will notice that then the impulse for a long trend (850p) gave a breakthrough from the Inside Bar located in a strong demand zone (brown). Currently we have a similar situation, but the difference is that the Inside Bar is not at an important level, which reduces its “strength” a little. Today’s data at 14:30 will undoubtedly show us the fate of this pair for the next sessions.

USDCAD – sentiment points to large disproportions, announces violent movements on this pair.

It is also worth looking at the sentiment on this pair – currently the ratio BUY/SELL = 3% / 97%. A similar imbalance was observed in December 2018, when this pair reached its annual maximum, followed by rapid declines.

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