Yesterday, the pair slightly decreased after the publication of data from the University of Michigan, reflecting a drop in consumer confidence in the USA.
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Today, during the Asian session, the USD/CAD pair is slightly decreasing, continuing to develop the correctional impulse that formed on the market at the beginning of the week.
USD today is trading flat against CHF, located not far from local lows since April 2. The markets in the US and Europe are closed due to Good Friday. Published macroeconomic statistics from the US puts pressure on USD. Yesterday, investors drew attention to the release of information on Initial Jobless Claims.
AUD shows ambiguous dynamics of trading against USD and is consolidating near local highs since March 12, updated the day before. Today, exchanges are closed in many countries due to Good Friday, so trading activity remains low.
The pair continues correcting upwards and is trading near 0.6080 amid a possible continuation of USD weakening.
The pair is in a correction, a fall is possible.
On the daily chart, the third wave of the higher level (3) of V develops, within which an upward correction forms as the wave 4 of (3). Now, the wave c of 4 is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1177–1.0687. In this scenario, critical stop loss level is 1.2738.
The pair may grow.
On the 4-hour chart, the third downward wave of the higher level 3 develops, within which the first wave i of 3 formed. Now, an upward correction is developing as the second wave ii of 3, within which the wave (b) of ii has formed, and the wave (c) of ii is developing. If the assumption is correct, the pair will grow to the levels of 1.1170–1.1241. In this scenario, critical stop loss level is 1.0768.
At 14:30 (GMT+2), in Canada data on the unemployment rate for March will be published. This indicator fixes the percentage of the number of unemployed over 18 years of age to the total working-age population. Only registered unemployed are counted. The indicator is expected to grow from 5.6% to 7.2%, which may put pressure on the Canadian dollar.
At 14:30 (GMT+2), in Canada data on the level of employment for March will be published. This indicator captures changes in the number of employed citizens in the country. It is expected that the number of employed citizens will be reduced by 350.0K. The implementation of the forecast may put pressure on the Canadian dollar.
At 14:30 (GMT+2), weekly data on the number of initial unemployment claims in the United States will be released. The indicator reflects the number of people who applied for unemployment benefits for the first time in the past week. These data are collected by the Ministry of Labor and published in a weekly report. The number of applications for benefits is used to measure the state of the labor market since an increase means fewer people are hiring. The indicator is expected to decline from 6.648 million to 5.250 million.