6 Dec 2013
USD/CAD soars after Canadian, US jobs data
FXstreet.com (Córdoba) - The USD/CAD reversed intraday losses and retested 3-year highs above 1.0700 following the latest string of US and Canadian data.
Strong data out from both countries sent the USD/CAD briefly above the 1.0700 mark. While the US nonfarm payrolls data came in at 203,000 exceeding forecast of 180,000, the Canadian economy created 21,600 new jobs, much stronger than the 12,000 expected. The USD/CAD jumped on the news and matched its 3 ½-year high of 1.0706 before easing a tad. At time of writing, the USD/CAD is trading at the 1.0680 area, 0.3% above its opening price.
USD/CAD technical levels
In terms of technical levels, the USD/CAD could find immediate resistances at 1.0706 (2013 high Dec 4 & 6) and 1.0745 (May 26 2010 high) ahead of 1.0800 (psychological level). On the flip side, supports might be faced at 1.0625 (Dec 5 low) and 1.0610 (Dec 2 low) followed by 1.0600 (psychological level) and 1.0570 (Nov 28 low).
Strong data out from both countries sent the USD/CAD briefly above the 1.0700 mark. While the US nonfarm payrolls data came in at 203,000 exceeding forecast of 180,000, the Canadian economy created 21,600 new jobs, much stronger than the 12,000 expected. The USD/CAD jumped on the news and matched its 3 ½-year high of 1.0706 before easing a tad. At time of writing, the USD/CAD is trading at the 1.0680 area, 0.3% above its opening price.
USD/CAD technical levels
In terms of technical levels, the USD/CAD could find immediate resistances at 1.0706 (2013 high Dec 4 & 6) and 1.0745 (May 26 2010 high) ahead of 1.0800 (psychological level). On the flip side, supports might be faced at 1.0625 (Dec 5 low) and 1.0610 (Dec 2 low) followed by 1.0600 (psychological level) and 1.0570 (Nov 28 low).