USD/CAD recovers some pips post-data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is surrendering part of its initial advance vs. USD today, now allowing USD/CAD to re-visit the mid-1.2900s.

    USD/CAD a tad better on CAD data

    The pair is now gathering some traction after the mixed results from the Canadian docket, where the jobless rate has ticked higher to 7.1% during September and the Net Change in Employment increased by 12.1K vs. 10K expected.

    In the meantime, the barrel of West Texas Intermediate is trading above the critical mark at $50, extending its rally and lending further support to the Canadian dollar.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.55% at 1.2943 and a breach of 1.2863 (Fibo 61.8% of 1.1920-1.3457) would aim for 1.2700 (psychological level) and then 1.2689 (200-day sma). On the other hand, the initial hurdle aligns at 1.2984 (100-day sma) followed by 1.3000 (psychological level) and finally 1.3193 (55-day sma).
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