6 Aug 2015
USD/CAD continues to back away from 1.3200
FXStreet (Córdoba) - After posting fresh 11-year highs above 1.3200 on Wednesday, USD/CAD is going through a corrective phase as investors gear up for employment numbers from both US and Canada due tomorrow.
USD/CAD retested the 1.3200 level earlier on the day, but lacked determination and came under mild pressure during the New York session as oil prices bounce off lows. USD/CAD is currently trading at the 1.3130 zone, where it records a 0.34% daily loss, having printed a low of 1.3122 so far.
Canada is expected to report a 9.9K job gain for July after a 6.4K loss the previous month, while the US nonfarm payrolls report is forecast to deliver 225K new jobs for July, after 223K in June.
USD/CAD levels to watch
In terms of technical levels, immediate supports are seen at 1.3105 (Aug 4 low), 1.3078 (Aug 3 low) and 1.3067 (10-day SMA). On the other hand, resistances line up at 1.3212 (2015 high Aug 5), 1.3250 (Aug 31 2004 high) and 1.3300 (psychological level).
USD/CAD retested the 1.3200 level earlier on the day, but lacked determination and came under mild pressure during the New York session as oil prices bounce off lows. USD/CAD is currently trading at the 1.3130 zone, where it records a 0.34% daily loss, having printed a low of 1.3122 so far.
Canada is expected to report a 9.9K job gain for July after a 6.4K loss the previous month, while the US nonfarm payrolls report is forecast to deliver 225K new jobs for July, after 223K in June.
USD/CAD levels to watch
In terms of technical levels, immediate supports are seen at 1.3105 (Aug 4 low), 1.3078 (Aug 3 low) and 1.3067 (10-day SMA). On the other hand, resistances line up at 1.3212 (2015 high Aug 5), 1.3250 (Aug 31 2004 high) and 1.3300 (psychological level).