Daily Market Analysis 03/12/2021: USDCAD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.28415 with take profit at 1.28550.
Bearish Preference: 
Sell position is envisaged if price trades below 1.27943 with take profit at 1.27809.
2:30pm CAD Employment Change
              CAD Unemployment Rate
              USD Average Hourly Earnings m/m
              USD Non-Farm Employment Change
              USD Unemployment Rate 4:00pm
              USD ISM Services PMI

Comment: The dollar was up on Friday morning in Asia, with markets adopting a broadly calmer tone. Investors now await the latest U.S. jobs report that includes non-farm payrolls, due later in the day. The U.S. Federal Reserve reinforced the hawkish stance shown by Chairman Jerome Powell earlier in the week. San Francisco Fed President Mary Daly said it may be time to “start crafting a plan” to hike interest rates to combat inflation, and Richmond Fed President Thomas Barkin showed support for “normalizing policy.

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