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USD/CAD flirting with highs near 1.3850

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback keeps deriving support from today’s NFP numbers, sending USD/CAD to the area of session highs around 1.3850 the figure.

    USD/CAD stronger on USD-buying

    Spot is gathering further traction as market participants keep adjusting to January’s Non-farm Payrolls (151K). In fact, despite the economy has created less jobs than expected, a lower jobless rate plus a better-than-expected Average Hourly Earnings have heightened the sentiment towards the greenback.

    Next on tap for the pair will be the Ivey PMI in Canada followed by the US oil rig count tracked by driller Baker Hughes.

    USD/CAD significant levels

    As of writing the pair is up 0.62% at 1.3830 and a surpass of 1.3874 (55-day sma) would aim for 1.4102 (high Feb.3) and then 1.4176 (20-day sma). On the other hand, the initial support lines up at 1.3639 (low Feb.4) ahead of 1.3560 (100-day sma) and finally 1.3142 (200-day sma).
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