USDCAD Fundamentally Outlook
The change in employment in Canada for March was +301,100 compared to expectations of +100,000 and +259,200 in February. The number was high in all areas, with the breakdown between 175,000 full-time and 128,000 part-time jobs. The employment level is less than 1.5% of February 2020 levels (pre-covalent)! In addition, the unemployment rate fell from 8% to 7.5%, against an expected 8%. Canada has indicated that it may be one of the first to phase out its stimulus package, and that figure will make the BOC 's decision a little easier. However, Ontario has just gone locked in and coronavirus cases are on the rise nationwide. The BOC will meet on 21 April. They may be more interested in April employment data than March data. (data sources USA NEWS)
USDCAD Technically Outlook
D1 Timeframe Chart
On a daily basis, the USDCAD short-term decline in data release (around 30 pips) did not exceed significant levels. The pair has been in a downward corner since the pandemic began in March 2020. The RSI has surpassed and fluctuated in price during the first quarter of this year, but is reversing again and the price is still in the corner. A falling wedge is expected to break the price upside down. With the RSI returning to neutral territory and the USDCAD mid-range with the coin approaching, we may have to wait until the BOC meeting to see significant movement. The upper corner trend line crosses close to 1.2675 and the lower trend trend crosses the low March 18 near 1.2400,
If the price falls below, the next support is the April 5 low near 1.2500, ahead of the long - term downtrend line already mentioned in the daily corner close to 1.2400. The low and final support is 1.2365 on March 18 before the price can fall to 1.2060 (see daily). The initial resistance is at 1.2648 which is March 30 high.