USDCAD Key Levels to Watch Ahead of NFP

by Justin Bennett  · 

August 3, 2023

by Justin Bennett  · 

August 3, 2023

by Justin Bennett  · 

August 3, 2023

Today I’m going to share the USDCAD key levels I’m watching as we head into Friday’s non-farm payroll (NFP) volatility.

I’ll also provide an update on the US Dollar Index (DXY), including a critical resistance area for the dollar.

And we’ll also get into some critical levels to watch on the WTI crude oil chart, given the inverse correlation it shares with USDCAD.

Watch the video below and scroll down for the annotated charts and analysis.

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USDCAD reached my 1.3370 target today, a level I’ve discussed in previous videos as one that could serve as a magnet for the pair.

Friday’s NFP promises to deliver significant volatility for a pair like USDCAD, so trading this market in the next 24 hours is ill-advised, in my opinion.

That said, 1.3300 is one to watch into the weekly close.

If USDCAD can hang onto that level on Friday, we could see the pair push higher toward channel resistance.

On the other hand, a weekly close below 1.3300 keeps that area intact as resistance on a weekly closing basis.

Another market to watch on Friday is the DXY.

I’ve discussed the 102.80 to 103.00 resistance area at length, and that will be a significant factor going into NFP.

A sustained break above 103.00 would be hugely bullish for the dollar, while a break below 102.00 would be bearish.

And as for WTI, which shares an inverse correlation with USDCAD, I’m cautiously bearish oil while below the $83 level.

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