USD/CAD is trading on a cautious note in the European session on Friday as investors are waiting for highly anticipated US nonfarm payroll data. The pace of the upcoming increase to the federal funds rate will be decided based on these macroeconomic data reports. The short-term sentiment for USD/CAD is slightly bullish with multiple oscillators above the neutral zone. The price fluctuated below the 1.3800 level and hit an intraday low of 1.3700 level. The market participants estimate the short-term rally following the data report today in the US session.
Important pivots to consider on the daily timeframe
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