USD/CAD choppy around 1.3440 post-NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback keeps its upside unchanged vs. its Canadian counterpart on Friday, with USD/CAD quite volatile in the mid-1.3400s so far.

    USD/CAD supported near 1.3400

    After an ephemeral test of sub-1.3400 levels, the pair has quickly escalated towards session highs near 1.3480, where the bull run seems to have lost faith. Spot keeps its daily advance however after US Payrolls have surpassed consensus during February at 241K vs. 190K expected and the jobless rate remained at 4.9%, in line with estimates.

    On the Canadian side, the trade deficit has come in lower than forecasted at $0.66 billion in January, a tad higher than December’s deficit at $0.63 billion. Next on tap will be the Ivey PMI, expected at 59.0 during the last month, down from 66.0 previous.

    USD/CAD significant levels

    As of writing the pair is advancing 0.27% at 1.3433 facing the next resistance at 1.3671 (100-day sma) followed by 1.3861 (high Feb.24) and then 1.3936 (55-day sma). On the flip side, a breakdown of 1.3367 (low Mar.3) would open the door to 1.3294 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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