Cable turned bullish after US job sector has posted positive results yesterday. ADS Securities’ analysts eye Bullish USDCAD levels post US data today.
6 April, ADS Securities – The US Dollar advanced for the third consecutive session yesterday against its Canadian counterpart, as private sector in the US hired more number of workers in March since December 2014. However, the pair trimmed its losses at the end of session following a rally in oil prices to a one month high due to a decline in US crude inventories.
Bullish USDCAD levels post US data
On the 1H chart, the pair is trading with an upside tone, reflecting at a bullish technical picture. Similarly, the MACD indicator is sharply heading north, further verifying the above view.
Key technical barrier is located at the crucial 1.3450, followed by the 1.3460 and 1.3470 levels. A sustained break above the latter might lead to further acceleration to the upside in the pair. On the contrary, key support is seen at the 1.3430 level, followed by the 1.3415 and 1.3405 where EMA 55 is placed.
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