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USD/CAD toying with 1.33 post-NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback has gathered further traction vs. its Canadian peer on Friday, lifting USD/CAD to the proximity of 1.3300 the figure.

    USD/CAD stronger on upbeat Payrolls

    The pair has been catapulted to multi-week tops after US Payrolls have come in at 271K in October, largely beating estimates at 180K and up from September’s 137K (revised from 142K). In addition, the jobless rate has eased to 5.0% from 5.1% initially anticipated.

    On the Canadian side, the labour market has also surprised to the upside, with the Net Change in Employment increasing by 44.4K, crushing the 10.0K expected and the unemployment rate ticking lower to 7.0% from 7.1% in the previous month.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.80% at 1.3273 with the next resistance at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological level) and finally 1.3459 (2015 high Sep.29). On the other hand, a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3065 (100-day sma) and finally 1.2976 (5-month uptrend).
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