USD/CAD tests 1.3800 on Payrolls

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:
    FXStreet (Edinburgh) - The greenback has quickly climbed to fresh daily highs near 1.3800 vs. its Canadian peer, although USD/CAD has quickly retraced the spike soon afterwards.

    USD/CAD back to 1.3740 post-Payrolls

    Spot has returned to the 1.3750/40 band after US Non-farm Payrolls have missed estimates at 151K during January vs. 190K forecasted and 262K previous (revised from 292K). Additionally, the jobless rate dropped to 4.9% vs. 5.0% previously estimated and Average Hourly Earnings rose 0.5% inter-month, surpassing expectations.

    On the Canadian shore, Employment Change has decreased by 5.7K during last month and the unemployment rate has ticked higher to 7.2% from December’s 7.1%.

    USD/CAD significant levels

    As of writing the pair is up 0.08% at 1.3757 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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