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USDCAD Flat Trading Dynamics in the Asset

12/2/2022 11:12 AM

During the Asian session, the USD/CAD pair shows mainly flat dynamics, consolidating near 1.3440.

Market activity is gradually declining as investors await the publication of US and Canadian labor market reports for November on Friday, and the US dollar remains under pressure after the speech of US Federal Reserve Chairman Jerome Powell this week. The official said that he currently sees the need to slow down further tightening of monetary policy, and analysts suggest that the regulator will raise interest rates in December by only 50.0 basis points, after which it will re-analyze the situation.

Forecasts for the US labor market assume an increase in nonfarm payrolls by 200.0K after an increase of 261.0K over the previous period. Given the poor report from the company Automatic Data Processing (ADP) on employment in the private sector, which was released earlier, it is likely that the real dynamics will be worse than expected. Canadian statistics may turn out to be even more negative: in November, investors expect an increase in the number of employed by only 5.0K, while in October, this figure rose by 108.3K, while a moderate increase in the unemployment rate from 5.2% to 5 .3% on the back of slower growth in average hourly wages.


On the daily chart, Bollinger bands grow moderately: the price range narrows, reflecting the emergence of ambiguous trading dynamics in the short term. The MACD indicator falls, keeping a poor sell signal (the histogram is below the signal line). Stochastic keeps its downward direction but is close to its lows, indicating that the US dollar may become oversold in the ultra-short term.

Resistance levels: 1.3450, 1.3500, 1.3550, 1.3600. | Support levels: 1.3400, 1.3356, 1.3300, 1.3226.


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