USD/CAD Might Break Above Key Pivot Zone if US Durable Goods Orders Soars

Canada – Wholesale Sales

On Tuesday, at GMT 12:30 p.m., the Statistics Canada will release the month-over-month wholesale sales data. It measures the changes in the total value of sales made by the wholesale sector in Canada over the past month.

Binary options investors consider the wholesale sales figure to be an important leading indicator of the Canadian economy. Because retailers tend to place more orders to wholesales when they feel optimistic about their retail sales. Hence, an increase in the wholesale sales signals a growing GDP in the future.

Last month, the Canadian wholesale sales decreased by -0.8%. However, this month, analysts are expecting it to increase by 0.9%.

United States – Core Durable Goods Orders

On Friday, at GMT 12:30 p.m., the US Census Bureau will release the month-over-month core durable goods orders figure. It measures the changes in the total value of all new purchase orders made to the US manufacturers for durable goods over the past month. However, the US Census Bureau excludes goods from the transportation sector in this figure in order to offer an accurate picture.

Binary options traders consider the US core durable goods orders to be the primary gauge of production situation in the economy. It is because an increase in purchase orders indicates that US manufacturing activity and growth will happen in the near future.

Last month, the US core durable goods orders increased by 0.1%. Analysts are expecting it to increase by 0.5% this month.

USD/CAD Forecast

Since forming a pin bar on January 31, the USD/CAD remained bullish. Over the last several months, it has also formed a well-respected uptrend line. However, since the end of March, the USD/CAD mostly remained range bound and found a strong pivot zone around 1.2900 level. It has acted as both support and resistance in the last two months. Currently, the USD/CAD is trading just below the pivot zone and the 1.2900 level is acting as a resistance once again.

The US core durable goods orders figure is expected to increase by 0.5% over the last month. On the other hand, analysts are expecting the Canadian wholesale sales figure to increase by 0.9%. However, the US core durable goods orders data is more important compared to the Canadian wholesale sales data. So, we believe it would set a bullish fundamental outlook for the USD/CAD this week. Therefore, if the USD/CAD closes above the resistance near 1.2900, it would likely attract additional bullish momentum in the market.

Hence, US binary options traders should look out for trading opportunities above this major resistance level around 1.2900.

BTC/USD Forecast

The BTC/USD formed a small bearish pin bar on December 17, 2017. Since then, it has mostly remained bearish and formed a downtrend line. On April 12, the BTC/USD broke above the downtrend line. But, it soon found a strong resistance around the 9800 level. Over the last two weeks, the bitcoin price retraced a bit. However, earlier this week, it appears to be going up again.

Last week on Wednesday, the European Parliament approved a resolution to support the adoption of blockchain technology and cryptocurrencies in general will likely be a part of it. While the resolution aims to support the underlying technology behind bitcoin, we believe the news will have a positive effect on bitcoin price. Therefore, if the USD/CAD breaks above the 9800 level, it will likely find additional bullish momentum in the market.

Hence, US bitcoin traders should look out for trading opportunities above this major resistance level around 9800.

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