8 Nov 2013
USD/CAD retreats from 1.0500
FXstreet.com (Córdoba) - The USD/CAD rose to its highest in over 2 months Friday after strong US nonfarm payrolls boosted the greenback across the board.
The USD/CAD gained on the news and briefly rose above the 1.0500 mark to hit its highest since early September at 1.0502. However, the dollar failed to sustain above the psychological level and pulled back to find support at 1.0478. At time of writing, USD/CAD is trading at the 1.0485 area, 0.2% above its opening price. This way the pair prints a 0.7% weekly gain.
Meanwhile, domestic employment data showed Canada added 13200 new jobs in October versus the 13,500 expected, while the unemployment rate stood unchanged at 6.9%.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find immediate resistances at 1.0502 (daily high) and 1.0515 (Sep 5 high). On the flip side, supports are seen at 1.0445 (daily low) and 1.0410 (Nov 6 low).
The USD/CAD gained on the news and briefly rose above the 1.0500 mark to hit its highest since early September at 1.0502. However, the dollar failed to sustain above the psychological level and pulled back to find support at 1.0478. At time of writing, USD/CAD is trading at the 1.0485 area, 0.2% above its opening price. This way the pair prints a 0.7% weekly gain.
Meanwhile, domestic employment data showed Canada added 13200 new jobs in October versus the 13,500 expected, while the unemployment rate stood unchanged at 6.9%.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find immediate resistances at 1.0502 (daily high) and 1.0515 (Sep 5 high). On the flip side, supports are seen at 1.0445 (daily low) and 1.0410 (Nov 6 low).