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3 Jul 2014
USD/CAD spikes 1.0680 on US data
FXStreet (Edinburgh) - The better-than-expected Payrolls figures for the month of June boosted the greenback, pushing the USD/CAD to test weekly highs around 1.0680.
USD/CAD recovers ground
After hitting session lows below 1.0650, spot managed to not only recover those early losses but also to print session highs in the high 1.0600s following very positive US Payrolls (288K), a lower unemployment rate (6.1%) and a lower-than-expected trade deficit in May, at $44.39 billion. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the CAD’s technicals are bearish in the short term, adding “studies all warn of downside USDCAD risks with support at 1.0600 and resistance at 1.0700. The RSI, at 27, has come up from oversold levels but is still warning of the risks for USDCAD”.
USD/CAD levels to consider
At the moment the pair is up 0.04% at 1.0670 with the next resistance at 1.0762 (high Jun.23) ahead of 1.0792 (200-d MA) and then 1.0898 (high Jun.18). On the downside, a break below 1.0622 (weekly cloud top) would aim for 1.0601 (61.8% of 1.0182-1.1279) ahead of 1.0589 (2014 low Jan.2).
USD/CAD recovers ground
After hitting session lows below 1.0650, spot managed to not only recover those early losses but also to print session highs in the high 1.0600s following very positive US Payrolls (288K), a lower unemployment rate (6.1%) and a lower-than-expected trade deficit in May, at $44.39 billion. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the CAD’s technicals are bearish in the short term, adding “studies all warn of downside USDCAD risks with support at 1.0600 and resistance at 1.0700. The RSI, at 27, has come up from oversold levels but is still warning of the risks for USDCAD”.
USD/CAD levels to consider
At the moment the pair is up 0.04% at 1.0670 with the next resistance at 1.0762 (high Jun.23) ahead of 1.0792 (200-d MA) and then 1.0898 (high Jun.18). On the downside, a break below 1.0622 (weekly cloud top) would aim for 1.0601 (61.8% of 1.0182-1.1279) ahead of 1.0589 (2014 low Jan.2).