Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USDCAD trades lower on upbeat Canadian jobs data, good to sell on rallies

USDCAD lost more than 40 pips after the release of Canadian jobs data. It came at 35.2k vs forecast of 24.9k and the unemployment rate declined to 5.6% from 5.8%. But US Non-farm-payroll shows that the economy has added 145k jobs in Dec vs forecast of 162k and the unemployment rate came at 3.5%. Average hourly earnings m/m at 0.1% vs estimate 0.3%. It hits low of 1.30292 and is currently trading around 1.30411. It has formed a temporary top around 1.2955 and jumped till 1.31049 yesterday.

 

USDCAD is facing strong resistance around 1.3100-05 and any further bullish continuation only beyond that level. Any break up targets 1.31480/1.31800. The minor resistance is at 1.30600.

 

On the flip side, near-term support is around 1.3020 and any indicative break under will drag the pair till 1.3000/1.29500.

 

It is good to sell on rallies around 1.3045-48 with SL around 1.3080 for the TP of 1.2960.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.