Ahead of today’s Canada employment change and unemployment rate, CAD is trading lower against the euro. The cross managed to breach a 5-month falling bearish channel, trading above 50Wsma, 100wsma, and 200Wema. The parallel resistance is seen at 1.4161 and strong resistance is seen at 1.4200 and 1.4300. As of now, the cross stands above the falling wedge. The monthly support is found at 1.3780.
In the daily chart, double top was made at 1.4119. The pair is trading above all the moving averages. The cross is heading towards higher high and higher low. Safe buying is available above 1.4120 towards 1.4160, 1.4200, and 1.4300. In case the cross closes above 1.4120 on a daily basis, it will indicate a break off the inverse head and shoulder pattern.
Intraday resistance is seen at 1.4090, and 1.4120. Support is found at 1.4060, 1.4040, and 1.4000.
The material has been provided by InstaForex Company – www.instaforex.com