USD/CAD regains 1.3300 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    A bout of selling pressure is now hitting the Canadian dollar, allowing USD/CAD to retake the 1.3300 handle and beyond.

    USD/CAD bid post-data

    Spot recovered part of the ground lost in early trade after Canadian labour market figures have come in short of expectations, showing the employment has decreased by 2.3K vs. a forecasted raise of 9.0K. In the same direction, the jobless rate has ticked higher to 7.3% during February, up from January’s 7.2%.

    In the meantime, the recovery in crude oil prices remains so far unabated, pushing the barrel of West Texas Intermediate to the vicinity of the $39.00 mark and thus lending extra support to CAD.

    USD/CAD significant levels

    As of writing the pair is retreating 0.32% at 1.3301 and a break below 1.3224 (2016 low Mar.9) would open the door to 1.3034 (low Nov.3 2015) and finally 1.3000 (psychological level). On the other hand, the immediate resistance aligns at 1.3447 (high Mar.9) followed by 1.3538 (20-day sma) and then 1.3682 (100-day sma).
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