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USD/CAD continues to rise and climbs above 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD jumped after the release of the Non-Farm payroll report and continued to rise after Wall Street opening bell. The better-than expected Canadian data fail to offset upbeat data from the US.

    The loonie was also affected by a decline in crude oil prices during the last hours. The WTI barrel dropped below $45.00 to $44.30, hitting the lowest since October 28. Despite the rally of the USD/CAD pair, the Canadian dollar is the best performer among commodity currencies on Friday. In Canada, the labour market also surprised to the upside in October. The net change in employment increased by 44K, crushing the 10K of market consensus.

    USD/CAD testing 1.3300

    After the beginning of the American session retreated but the area around 1.3250 offered support and it turned again to the upside. The pair printed a fresh daily high at 1.3308, level last seen back in September. Currently is testing the 1.3300 area, attempting to continue the rally.

    Greenback is rising for the third day in a row against the loonie and is about to post the second highest weekly close in ten years.

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