Today is one of the most important day for both USD and CAD as two major announcements on both currency will be published at the same time. On the USD side, Unemployment claims report will be published which was previously 246k and it is forecasted that it will increase up to 249k as the unemployment rate in US has been increased. On the CAD side, NHPI (New Home Price Index) report will be published which was previously 0.2% and forecasted that it will increase to 0.3%. As of the overall fundamental context US is found to be weaker among all other major currencies rather than CAD as the negative trade balance report of CAD which was -0.1B which was forecasted to increase by 0.2B. Overall market is expected to show a good amount of volatility today after the news report publishes.
Now let us look at the technical point of view, market is currently inside intraday corrective structure and showing some bearish activities inside the Tuesday's bullish bar. Intraday market is bearish but as two important news to be published on the both currencies of the pair a good amount of volatility is expected to be in the market. In the currency scenario, we will be looking to sell if we see any daily close below 1.3050 with a target toward 1.30 as nearest support and 1.2830 as the next support but if the market closes above 1.32 we will be shifting our bias to bullish but with a shorter target in comparison which would be at 1.3280-1.33.
