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USD/CAD Exchange Rate Prediction – The Loonie Gains More Traction

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The USD/CAD edged lower on Tuesday after dropping through key support last Friday. The upward bias in the loonie comes despite gains the greenback saw against most major currencies. U.S. Treasury yields moved lower following a weaker than expected Jobs Opening and Labor Turnover report. The Quit rate hit a 20-year high, weighing on yields.

Technical Analysis

The dollar edged lower gainst the Loonie, after breaking through support which is an upward sloping trend line that comes in near 1.2550, which is now resistance. Additional resistance is seen near the 10-day moving average at 1.2610. The 10-day moving average has crossed below the 50-day moving average which means that a short-term downtrend is in place. Short-term momentum has turned positive the fast stochastic generated a crossover buy signal. Prices are oversold as the fast stochastic is printing a reading of 9 below the oversold trigger level of 20 which could foreshadow a correction, Medium-term momentum has turned negative the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in negative territory with a lower trajectory which points to a lower exchange rate.

 Restaurant and Bar Employees Quit Their Jobs in Record Numbers

Quits hit a new series high going back to December 2000, as 4.3 million workers left their jobs. The quits rate rose to 2.9%, an increase of 242,000 from the previous month, which saw a rate of 2.7%, according to the Job Openings and Labor Turnover Survey. Eight hundred ninety-two thousand workers in the foodservice and accommodation industries left their jobs, while 721,000 retail workers departed along with 534,000 in health care and social assistance.

Read More: USD/CAD Exchange Rate Prediction – The Loonie Gains More Traction

2021-10-12 22:18:37

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