As private sector employment increased by 200,000 in March, down from February, and Yellen citing even high global economic outlook, this continues to dampen the U.S. Dollar pair and the anticipated rate hikes.
Despite Yellen still sees two rate hikes for the remaining of this year, charts show a different outlook.
I still hold my bearish outlook on the USDCAD and so far this position trade has been a success scaling into this position once again after re-drawing my technical levels.
As of this morning, we break below the 1.30~ zone marking a huge psychology level. The next major zone is the 1.28~ level as we observe over on the daily chart.
I give modest estimate that it will take about two weeks for this resistance turned support zone to hit. The duration to which we see the support zone will give us a better idea of how strong this level is. This is currently the next major level so it becomes a close and hold as we near this zone.