11 Jul 2014
USD/CAD hits 1.0700 on data
FXStreet (Edinburgh) - The Canadian dollar is now sharply depreciating vs. its southern counterpart, lifting the USD/CAD to the neighbourhood of 1.0700 the figure on Friday.
USD/CAD stronger on data
Spot gained extra legs after the disappointing figures from the Canadian labour market showed that the employment decreased by 9.4K during June vs. forecasts for a 20K increase; in the meantime, the jobless rate ticked higher to 7.1% vs. 7.0% expected and previous. “We believe that market expectations for a less cautious BoC message stemming from the upside surprise in May's inflation will be disappointed. Such an outcome, following on the heels of a poor employment print today, should see USDCAD move into the mid-1.07s”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
The pair is now advancing 0.49% at 1.0703 with the next resistance at 1.0762 (high Jun.23) and then 1.0806 (200-d MA). On the downside, a breach of 1.0620 (low Jul.3) would open the door to 1.0601 (61.8% of 1.0182-1.1279) and finally 1.0589 (2014 low Jan.2).
USD/CAD stronger on data
Spot gained extra legs after the disappointing figures from the Canadian labour market showed that the employment decreased by 9.4K during June vs. forecasts for a 20K increase; in the meantime, the jobless rate ticked higher to 7.1% vs. 7.0% expected and previous. “We believe that market expectations for a less cautious BoC message stemming from the upside surprise in May's inflation will be disappointed. Such an outcome, following on the heels of a poor employment print today, should see USDCAD move into the mid-1.07s”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
The pair is now advancing 0.49% at 1.0703 with the next resistance at 1.0762 (high Jun.23) and then 1.0806 (200-d MA). On the downside, a breach of 1.0620 (low Jul.3) would open the door to 1.0601 (61.8% of 1.0182-1.1279) and finally 1.0589 (2014 low Jan.2).