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USD/CAD survives above 1.3700 ahead of USD, CAD data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar is extending its upside momentum vs. the greenback, sending USD/CAD to the low-1.3700s ahead of key releases in US and Canada.

    USD/CAD weaker, focus on NFP

    After an ephemeral test of the mid-1.3600s on Thursday, the greenback has managed to pull itself together and retake the 1.3700 handle, although the rebound run out of legs at overnight peaks near 1.3760 so far.

    Spot will remain under scrutiny today following critical releases in Canadian and US labour markets. While the US economy is expected to have added 190K jobs during last month, Canadian employment is seen increasing by 5.5K vs. 22.8K in the previous month.

    USD/CAD significant levels

    As of writing the pair is losing 0.13% at 1.3728 facing the next support at 1.3639 (low Feb.4) ahead of 1.3560 (100-day sma) and finally 1.3142 (200-day sma). On the other hand, a surpass of 1.3874 (55-day sma) would aim for 1.4102 (high Feb.3) and then 1.4176 (20-day sma).

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