After a 3-Day Decline, USD / CAD Will Go To A Lower Level

 The Canadian dollar is still moving positively in the market as it is driven by stability in the global crude oil market.

However, investors will pay attention to the Canadian employment data report to be published at the beginning of the New York session.

The increase in employment in Canada for September is expected to decline compared to August. However, the expected unemployment rate will offset the report.

The Canadian dollar however maintained better trading performance against the US dollar with a 3-day decline appearing on the USD / CAD pair chart.

The price has dropped from the 1.33000 high last Wednesday to below the 1.32000 level in today's trading session.

The price remains moving below the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement still showing a bearish trend supported by current market sentiment.

The US dollar remained weak with markets cheered by positive developments from the White House to discuss the implementation of a larger stimulus package.

A lower price is expected to move towards the support zone around 1.31000 on the USD / CAD chart after the RBS zone (resistance become support) 1.31400 is successfully broken.

On the other hand, if the price rises again, the level of 1.32400 in the SBR zone (support become resistance) will be the focus after the price manages to cross the level of 1.3200 again.

A higher rise will signal a change in the bullish price trend.