4 Apr 2014
USD/CAD tumbles on excellent Canadian jobs data
FXStreet (Guatemala) - Currently, USD/CAD is trading at 1.0968, down -0.60% on the day, having posted a daily high at 1.1043 and low at 1.0961.
USD/CAD has been caught in between a channel supported on 1.1005for the most part and struggling through 1.1040 after the landslide from 1.1100 last Thursday. However, at the end of this week, we had a double whammy of both US and Canadian jobs data.
Canadian Jobs smashing expectations, USD/CAD much lower
The Net change in Employment for March was up at 42K and smashing the 20K expected. The participation rate for March was inline at 66.2%. The unemployment Rate for march was 6.9% vs 7% expected.
US Jobs data, Nonfarm Payrolls encouraging at 192K
The markets had been expecting a number close to 200k and given the ADP result was relatively in line with expectations one might of expected the Nonfarm payrolls to come in positively in accordance to the Feds targets in terms of their tapering regime. This number is a encouraging in that respect and the USD is broadly stronger holding USD/CAD up for now.
USD/CAD Levels
Current price is 1.0969, with resistance ahead at 1.0984 (Daily Classic S2), 1.0992 (Monthly Low), 1.1003 (Yesterday's Low), 1.1010 (Daily Classic S1) and 1.1024 (Weekly Low). Next support to the downside can be found at 1.0966 (Daily Classic S3), 1.0961 (Daily Low), 1.0956 (Weekly Classic S1), 1.0888 (Daily 100 SMA) and 1.0852 (Weekly Classic S2).
USD/CAD has been caught in between a channel supported on 1.1005for the most part and struggling through 1.1040 after the landslide from 1.1100 last Thursday. However, at the end of this week, we had a double whammy of both US and Canadian jobs data.
Canadian Jobs smashing expectations, USD/CAD much lower
The Net change in Employment for March was up at 42K and smashing the 20K expected. The participation rate for March was inline at 66.2%. The unemployment Rate for march was 6.9% vs 7% expected.
US Jobs data, Nonfarm Payrolls encouraging at 192K
The markets had been expecting a number close to 200k and given the ADP result was relatively in line with expectations one might of expected the Nonfarm payrolls to come in positively in accordance to the Feds targets in terms of their tapering regime. This number is a encouraging in that respect and the USD is broadly stronger holding USD/CAD up for now.
USD/CAD Levels
Current price is 1.0969, with resistance ahead at 1.0984 (Daily Classic S2), 1.0992 (Monthly Low), 1.1003 (Yesterday's Low), 1.1010 (Daily Classic S1) and 1.1024 (Weekly Low). Next support to the downside can be found at 1.0966 (Daily Classic S3), 1.0961 (Daily Low), 1.0956 (Weekly Classic S1), 1.0888 (Daily 100 SMA) and 1.0852 (Weekly Classic S2).