USDCAD Daily Outlook – On Thursday we had a mix of good and bad news. The US Jobless claims totaled 2.4 million, still elevated levels but a declining pace from previous weeks. Home sales dropped nearly 18% in April, while the decline in inventory pushed prices to a record high.
Canada shed over two thousand jobs in April. Across the pond, the Eurozone economic downturn showed signs of easing as lockdowns lift, but the UK factories reported the biggest output drop in over 40 years.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Friday we’ll be focusing on the ECB Monetary Policy Meeting Accounts.
Today I’m looking at the USD/CAD pair which continues its range between 1.38 and 1.41. It bottomed out again at 1.3859 on Tuesday so range traders could consider going long the pair and taking profit in the 1.416 zone.
Do you think the range will continue or will we see a breakout soon? Head over to the Comments section and let me know.
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