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USD/CAD flirts with 1.3100 on Payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback has extended its gains vs. its Canadian peer on Friday, sending USD/CAD to the boundaries of 1.3100 the figure following US Payrolls.

    USD/CAD stronger on US data, oil

    Spot has gathered further traction after US Non-farm Payrolls have come in above forecasts during March, signalling the economy has added 215K jobs vs. 205K initially estimated and 245K from the previous month.

    The US jobless rate rose to 5.0% while Average Hourly Earnings gained 0.3% inter-month.

    On another tone, the barrel of West Texas Intermediate is prolonging its weekly decline, this time shedding around 3% to the $37.20 area, adding further selling pressure to CAD.

    USD/CAD significant levels

    As of writing the pair is advancing 0.54% at 1.3075 and a breakout of 1.3165 (20-day sma) would open the door to the resistance band at 1.3290/1.3300 (23.6% Fibo of 1.4692-1.2858 and high Mar.24) and then 1.3618 (55-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
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