5 Dec 2014
USD/CAD consolidates above 1.1400
FXStreet (Edinburgh) - The better-than-expected figures from today’s Payrolls added fuel to the already impressice USD upside, with USD/CAD now around 1.1425/30.
USD/CAD down from 1.1440
The pair quickly climbed to levels beyond 1.1440 or session highs in the wake of the NFP result, although further gains remain elusive so far. The auspicious data from the US economy were more than enough to offset the in-line labour market report from Canada, where the employment dropped by 10.7K and the jobless rate ticked a tad higher to 6.6% from 6.5%. According to Shaun Osborne, Chief FX Strategist at TD Securities, “We would rather look to get long on modest USDCAD dips but we like the way funds is trading on the charts at the moment and the positive technical tone suggests that a push to new highs ahead of the holidays should not be ruled out”.
USD/CAD levels to watch
At the moment the pair is up 0.50% at 1.1433 with the next resistance at 1.1459 (high Dec.1) ahead of 1.1466 (2014 high Nov.5) and finally 1.1500 (psychological level). On the downside, a break below 1.1341 (low Dec.4) would target 1.1319 (low Dec.2) and then 1.1316 (Kijun Sen).
USD/CAD down from 1.1440
The pair quickly climbed to levels beyond 1.1440 or session highs in the wake of the NFP result, although further gains remain elusive so far. The auspicious data from the US economy were more than enough to offset the in-line labour market report from Canada, where the employment dropped by 10.7K and the jobless rate ticked a tad higher to 6.6% from 6.5%. According to Shaun Osborne, Chief FX Strategist at TD Securities, “We would rather look to get long on modest USDCAD dips but we like the way funds is trading on the charts at the moment and the positive technical tone suggests that a push to new highs ahead of the holidays should not be ruled out”.
USD/CAD levels to watch
At the moment the pair is up 0.50% at 1.1433 with the next resistance at 1.1459 (high Dec.1) ahead of 1.1466 (2014 high Nov.5) and finally 1.1500 (psychological level). On the downside, a break below 1.1341 (low Dec.4) would target 1.1319 (low Dec.2) and then 1.1316 (Kijun Sen).