USDCAD → Consolidation before downward distribution for OANDA:USDCAD by RLinda

USDCAD → Consolidation before downward distribution

is stuck in a range (consolidation) between 1.4486 and 1.428. The dollar has been showing negative momentum lately, but with NFP ahead, the data could both reinforce the correction and support the index...

All eyes are on today's economic news. If the actual NFP is below the forecast (169K), it will strengthen the expectations of the Fed rate cut.
At 15:00 the Fed's monetary policy report will be released, which may clarify the further course of the regulator.
If the NFP comes out weak, the dollar may sag and USDCAD may decline.
If the data is stronger than expected, the USD will strengthen, which will lift the USDCAD.
If the Fed hints at a rate cut, it may weaken the USD, supporting the CAD

Resistance levels: 1.4345, 1.4369
Support levels: 1.428

News is uncertainty, as it is impossible to determine the outcome of this situation in advance.
Technically, the currency pair looks weak due to the falling dollar. A break of the support at 1.428 may trigger further decline.

Regards R. Linda!

Trade active

A breakout is forming. If the price fixes below 1.428, the fall may continue

RLinda

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