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U.S. Dollar/Canadian Dollar(USDCAD)
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USDCAD Nearing 2022 High Ahead of NFP

Darren Chu - Tradable Patterns - Thu Sep 1, 2022

The (USDCAD) is nearing the 2022 high, with the catalyst for forming a fresh 2022 high arriving as early as today following the 10am EST US ISM manufacturing PMI.  More likely though is for any break to occur only after Friday’s highly anticipated US Non-Farm Payrolls and unemployment rate.  Regardless of the strong gains in the last 2 plus weeks, and the USDCAD bumping up against what is arguably ascending wedge resistance (on the 4hr chart), any consolidation going into next week is unlikely to result in a sliding back to the psychologically key 1.30 whole figure level.  Watch as usual for any signs of escalation in the Ukraine-Russia conflict.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on USDCHF, VIX

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