USDCAD possibly will move in the falling wedge area. the price may be higher if it breakout of the resistance area.
GDP growth is noteworthy, analysts expect Canada's annualized GDP growth to fall from 6.7 to 5.4 If it actually occurs at 5.4 or lower, then USDCAD will be bullish.
Another data to note is the NFP which will be released this Friday.
By considering ISM Manufacturing and ADP data. We can predict NFP before NFP is released. From the two data can be considered using the formula:
(80% ISMM + 55% ADP) / 2 = Positive NFP Prediction
with ISMM & ADP input :
if data is positive = 100, if data is neutral = 50, if data is negative = 0
Here USDCAD Daily chart :
GDP growth is noteworthy, analysts expect Canada's annualized GDP growth to fall from 6.7 to 5.4 If it actually occurs at 5.4 or lower, then USDCAD will be bullish.
Another data to note is the NFP which will be released this Friday.
By considering ISM Manufacturing and ADP data. We can predict NFP before NFP is released. From the two data can be considered using the formula:
(80% ISMM + 55% ADP) / 2 = Positive NFP Prediction
with ISMM & ADP input :
if data is positive = 100, if data is neutral = 50, if data is negative = 0
Here USDCAD Daily chart :
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.