USD/CAD consolidates ahead of breakouts

The USD/CAD pair is moving somehow sideways in the short term. It's still located in the buyer's territory, so further growth is favored. The Dollar Index maintains a bullish bias, further growth could help the USD to appreciate versus its rivals.

Though, today the pair will be driven by the fundamentals. The US and the Canadian data could really shake the markets. The Canadian Unemployment Rate could drop from 6.7% to 6.6%, while the Employment Change could be reported at 36.5K above 31.2K in the previous reporting period.

On the other hand, the US NFP is expected at 553K in November versus 531K in October, while the Unemployment Rate could drop from 4.6% to 4.5% in the last month.

USD/CAD Upside Still Intact!

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As you can see on the h4 chart, the USD/CAD continues to stay above the ascending pitchfork's median line (ML). It has stabilized above the 1.2799 level and now is fighting hard to jump higher.

1.2836 level stands as a static resistance. Making a valid breakout above it may activate an upside continuation and could bring new long opportunities.

USD/CAD Prediction!

As long as it stays above the median line (ML), USD/CAD could resume its upwards movement. A valid breakout above 1.2836 represents a bullish signal, a long opportunity.

The material has been provided by InstaForex Company - www.instaforex.com

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