The US dollar stood high against most major currencies after the US non-farm payroll data had been published. The good readings rise hopes of an interest rate hike sooner than later in the US. The other data, Ism report, also surpassed expectations. The US service sector index moved to 56.7 from 56.2. The Canadian disappointing data pushed the CAD to lows against the USD. The CAD lost 46% in the previous month. On the h4-chart, the prices are facing strong resistance at 35DEMA. The prices made a double top at 1.2592 on the h4-chart. We recommend fresh buying only above 1.2600 with the targets at 1.2640, 1.2660, and 1.2700. The pair has the nearest support at 1.2530 and 1.2450.
This currency pair has resistance at 118.00. In case if the prices manage to give an upside breakout, the pair can face a challenge towards 120.50. The prices are closed and trading below the hourly moving averages. The prices are likely to form a triangle pattern. The support base exists at 115.50 and 115.00. The weekly support exists at 115.00 or 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top in the near and medium term. In case the pair closes above 118.85, it can face a challenge at 119.90 and 120.50. In intraday, the weakness will hit the pair if the prices break below 116.90. The prices can challenge 118.00, 118.15, and 118.50 if the prices manage to trade above 117.60.
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Uitgevoerd door, Analytische expert
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