8 Jan 2016
USD/CAD back below 1.41, NFP on sight
FXStreet (Edinburgh) - The Canadian dollar is now reverting the initial negative tone vs. the greenback, sending USD/CAD back below the 1.4100 handle.
USD/CAD losses ground ahead of Payrolls
Spot is now retreating for the first time in the week and testing sub-1.4100 levels, as the Canadian dollar is deriving some support from the better tone around crude oil prices.
The pair remains vulnerable however, in light of key releases in both US and Canadian labour markets. Consensus sees the US economy to have added 200K jobs in December, while the Canadian employment is seen gaining 10K during the same period.
USD/CAD key levels
At the moment the pair is down 0.04% at 1.4091 facing the next resistance levels at 1.4166 (high Aug.22 2003) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003). On the downside, a breach of 1.3628 (3-month uptrend) would target 1.3530 (55-day sma) and then 1.3373 (100-day sma).
USD/CAD losses ground ahead of Payrolls
Spot is now retreating for the first time in the week and testing sub-1.4100 levels, as the Canadian dollar is deriving some support from the better tone around crude oil prices.
The pair remains vulnerable however, in light of key releases in both US and Canadian labour markets. Consensus sees the US economy to have added 200K jobs in December, while the Canadian employment is seen gaining 10K during the same period.
USD/CAD key levels
At the moment the pair is down 0.04% at 1.4091 facing the next resistance levels at 1.4166 (high Aug.22 2003) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003). On the downside, a breach of 1.3628 (3-month uptrend) would target 1.3530 (55-day sma) and then 1.3373 (100-day sma).