The USD/CAD pair was closed at 1.39549 after placing a high of 1.39701 and a low of 1.38908. Overall the movement of USD/Cad pair remained bullish throughout the day.
At 17:30 GMT, the ADP Non-Farm Employment Change in April reported a job loss by 226.7K and weighed on Canadian Dollar. The New Housing Price Index (NHPI) for April exceeded the expectations of -0.1% and came in positive as 0.0% and supported Canadian Dollar. Mixed data from Canada failed to give an impact on the USD/CAD pair on Thursday.
Meanwhile, the WTI Crude Oil Prices surged to $34.6 on Thursday amid increased demand after easing of lockdown from all over the world. Increased oil prices gave strength to commodity-linked Loonie, which kept a lid on additional gains of USD/CAD pair.
On the technical front, the USD/CAD prices have violated the ascending triangle pattern, which can be seen in the chart above. The pattern was supporting the pair at 1.3935, along with resistance at 1.3965 level. On the higher side, the USD/CAD prices are holding above 1.3970 now, and these may go towards 1.4018 now. The MACD and 50 EMA are also in support of the bullish trend.
Entry Price – Buy 1.39654
Stop Loss – 1.39254
Take Profit – 1.40254
Risk to Reward – 1.12
Profit & Loss Per Standard Lot = -$400/ +$500
Profit & Loss Per Micro Lot = -$40/ +$50
