11 Oct 2013
USD/CAD dips below 1.0380 on jobs data
FXstreet.com (Edinburgh) -The Canadian dollar is now picking up pace against its fellow neighbour on Friday, dragging the USD/CAD to session lows after encouraging data from the labour market in Canada.
USD/CAD dragged lower by data
The CAD feels stronger vs. the greenback after the unemployment rate in Canada diminished to 6.9% during September, bettering expectations and August’s print at 7.1%. The net Change in Employment came in at 11.9K, surpassing the median at 10.0K although noticeably lower than the previous 59.2K. Further employment data showed a descent in the Participation Rate to 66.4% from 66.6. Analysts at TD Securities noted “the pair continues to trade below earlier week highs, as a better risk sentiment has helped lift the CAD. We note equities are still the strongest correlated asset to the CAD right now, which suggests we could see further pressure on USD/CAD with a more optimistic tone to markets (1.0330/60 is the next key support zone).
USD/CAD critical levels
As of writing the pair is losing 0.17% at 1.0382 with the next support at 1.0369 (MA100d) followed by 1.0357 (high Oct.2) and then 1.0354 (low Oct.9). On the upside, a break above 1.0420 (high Oct.10) would open the door to 1.0427 (daily cloud base) and finally 1.0434 (high Sep.9).
USD/CAD dragged lower by data
The CAD feels stronger vs. the greenback after the unemployment rate in Canada diminished to 6.9% during September, bettering expectations and August’s print at 7.1%. The net Change in Employment came in at 11.9K, surpassing the median at 10.0K although noticeably lower than the previous 59.2K. Further employment data showed a descent in the Participation Rate to 66.4% from 66.6. Analysts at TD Securities noted “the pair continues to trade below earlier week highs, as a better risk sentiment has helped lift the CAD. We note equities are still the strongest correlated asset to the CAD right now, which suggests we could see further pressure on USD/CAD with a more optimistic tone to markets (1.0330/60 is the next key support zone).
USD/CAD critical levels
As of writing the pair is losing 0.17% at 1.0382 with the next support at 1.0369 (MA100d) followed by 1.0357 (high Oct.2) and then 1.0354 (low Oct.9). On the upside, a break above 1.0420 (high Oct.10) would open the door to 1.0427 (daily cloud base) and finally 1.0434 (high Sep.9).