3 Dec 2014
USD/CAD drops to lows on ADP
FXStreet (Edinburgh) - The US dollar is now losing the grip vs. the Canadian currency, dragging USD/CAD to session lows in sub-1.1370 levels.
USD/CAD softer post-ADP
The pair is now accelerating the decline after the ADP report disappointed investors during November, showing that the US private sector added 208K jobs vs. 231K expected and down from October’s 233K (revised), taking the last 3m average to 218K. Next of note will be the BoC monetary policy meeting, ahead of the ISM Non-Manufacturing and the Fed’s Beige Book. “We rather think the near-term outlook favours a little more range trading, with USDCAD well-supported in the low 1.13s. Fundamentally, we think minor dips are a buy”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
At the moment the pair is retreating 0.22% at 1.1367 with the next support at 1.1325 (Tenkan Sen) ahead of 1.1319 (low Dec.2) and finally 1.1314 (low Dec.1). On the upside, a break above 1.1412 (high Dec.3) would aim for 1.1425 (high Dec.2) and then 1.1459 (high Dec.1).
USD/CAD softer post-ADP
The pair is now accelerating the decline after the ADP report disappointed investors during November, showing that the US private sector added 208K jobs vs. 231K expected and down from October’s 233K (revised), taking the last 3m average to 218K. Next of note will be the BoC monetary policy meeting, ahead of the ISM Non-Manufacturing and the Fed’s Beige Book. “We rather think the near-term outlook favours a little more range trading, with USDCAD well-supported in the low 1.13s. Fundamentally, we think minor dips are a buy”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
At the moment the pair is retreating 0.22% at 1.1367 with the next support at 1.1325 (Tenkan Sen) ahead of 1.1319 (low Dec.2) and finally 1.1314 (low Dec.1). On the upside, a break above 1.1412 (high Dec.3) would aim for 1.1425 (high Dec.2) and then 1.1459 (high Dec.1).