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USD/CAD trims losses near 1.3750, focus on data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD has now reverted the initial negative tone, regaining the mid-1.3700s ahead of Non-farm Payrolls.

    USD/CAD focus on oil, Payrolls

    Crude oil dynamics remain the almost exclusive driver behind CAD’s price action, although today’s key releases in the Canadian and US labour markets will take centre stage later in the NA session.

    In the meantime, spot has so far managed to leave behind recent lows in the 1.3650 area, but the upside appears capped around today’s highs near 1.3760.

    Data wise, Canadian employment is expected to have increased by 5.5K in January, while the US economy would have created nearly 200K jobs during the same period.

    USD/CAD significant levels

    As of writing the pair is losing 0.03% at 1.3741 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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