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7 Mar 2014
USD/CAD recovers 3-day of losses and tests 1.1100
FXStreet (San Francisco) - The USD/CAD climbed around 115 pips from 1.0980 to recover all previous 3-day losses and to test the 1.1100 level, where the pair seems to have found resistance. The movement was fueled by the Canadian and US employment data.
While the US added 175,000 new jobs in February versus 149,000 expected, Canada shed 7,000 against a 15,000 gain expected. On Wednesday, the BoC's statement didn't mention reference to the benefits of a weak Canadian dollar; the market took it as a bullish CAD signal, but today's weak job numbers questioned that signal.
USD/CAD sentiment
The USD/CAD is currently trading at 1.1075, 0.77% positive on the day. The short term perspective is now slightly bearish according to the FXStreet trend index in the 15-minute chart. CCI is bullish, Momentum is bearish while Stochastic and MACD are neutral.
If the USD/CAD holds above 1.1075, 200-hour MA, the pair would face resistances at 1.1100 and 1.1120. On the downside, supports are seen at 1.1040, 1.0980 and 1.0950 area.
While the US added 175,000 new jobs in February versus 149,000 expected, Canada shed 7,000 against a 15,000 gain expected. On Wednesday, the BoC's statement didn't mention reference to the benefits of a weak Canadian dollar; the market took it as a bullish CAD signal, but today's weak job numbers questioned that signal.
USD/CAD sentiment
The USD/CAD is currently trading at 1.1075, 0.77% positive on the day. The short term perspective is now slightly bearish according to the FXStreet trend index in the 15-minute chart. CCI is bullish, Momentum is bearish while Stochastic and MACD are neutral.
If the USD/CAD holds above 1.1075, 200-hour MA, the pair would face resistances at 1.1100 and 1.1120. On the downside, supports are seen at 1.1040, 1.0980 and 1.0950 area.