USD/CAD stalls below 1.3600 with the BoC and US jobs on focus

Guillermo Alcala FXStreet

US Dollar recovery stalls with the BoC and US ADP on focus.
The Bank of Canada will leave rates on hold at 5%.
ADP employment is expected to have improved moderately.

The Bank of Canada is expected to leave its benchmark interest rate on hold at 5% for the third consecutive time. Inflation has confirmed its cooling trend, although it remains well above the BoC’s 2% target, while the economy contracted in the third quarter.

BoC’s governor Macklem has maintained a hawkish tone in recent speeches, highlighting the strong price pressures and refusing any chance of rate cuts. Investors will be looking for hints of a dovish turn to sell Canadian Dollars.

Somewhat earlier the US ADP will release its November payrolls report. Job creation is expected to have improved moderately, to 130,000 from 113,000. These figures anticipate Friday’s Nonfarm payroll report, thus any significant deviation from the market consensus might boost USD volatility.

The technical picture is mixed with a recent bullish cross in hourly SMAs offering some hope for bulls. Resistances are 1.3595 and 1.3620. Supports remain at 1.3550 and 1.3480.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3574
Today Daily Change	-0.0018
Today Daily Change %	-0.13
Today daily open	1.3592

Trends
Daily SMA20	1.3674
Daily SMA50	1.3688
Daily SMA100	1.3571
Daily SMA200	1.3517

Levels
Previous Daily High	1.3593
Previous Daily Low	1.3534
Previous Weekly High	1.3661
Previous Weekly Low	1.3487
Previous Monthly High	1.3899
Previous Monthly Low	1.3541
Daily Fibonacci 38.2%	1.3571
Daily Fibonacci 61.8%	1.3557
Daily Pivot Point S1	1.3554
Daily Pivot Point S2	1.3515
Daily Pivot Point S3	1.3495
Daily Pivot Point R1	1.3612
Daily Pivot Point R2	1.3632
Daily Pivot Point R3	1.3671

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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