The USD/CAD pair is trading in the green at 1.2466 level below 1.2471 yesterday's high. Technically, the price action signaled potential further growth after escaping from a major down channel.
The pair jumped higher as the USD received a helping hand from better than expected US data during the week. Today, the US and the Canadian economic data could be decisive, the fundamentals will drive the pair.
The US NPF could be reported at 455K in October versus 194K in September, the Average Hourly Earnings may register a 0.4% growth, while the Unemployment Rate is expected to drop from 4.8% to 4.7%.
On the other hand, the Canadian Unemployment Rate is expected to drop from 6.9% to 6.8%, while the Employment Change could be reported around 42.0K far below 157.1K.
USD/CAD Upside Breakout!
The USD/CAD pair has finally managed to take out the 1.2422 resistance level and now it has stabilized above the weekly R1 (1.2439) and above the 23.6% retracement level. Techncially, its failure to reach and retest the broken downtrend line followed by a new higher high signaled further growth.
Making a new higher high, a bullish closure above the 1.2471 immediate high could activate an upside continuation.
USD/CAD Forecast!
USD/CAD is expected to resume its growth after jumping and closing far above the 23.6% retracement level and above 1.2422. The current accumulation could bring new long opportunities. Better than expected US data could push the pair higher towards 1.2500 or even higher towards 1.2550.
