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6 Feb 2015
USD/CAD posts moderate gains ahead of US NFP data
FXStreet (Mumbai) - The Canadian dollar has come under pressure despite strength in the crude prices as markets turn cautious ahead of the US Non-farm payroll data due for release today.
Gains capped by a rise in Crude prices
The CAD has weakened against the USD, although the losses have been capped by strength in Crude prices. The WTI Crude futures currently trade 3.25% higher at USD 52.12/barrel. Meanwhile, the markets are likely to favor the US dollar ahead of the data release in the US, which is likely to show the pace of job additions slowed to 230K, compared to the previous month’s figure of 252K. However, the data had blown past the expectations on the last two occasions. Thus, a cautious tone is likely to prevail in the market.
<a href="http://www.fxstreet.com/technical-studies/currencies/usdcad/">USD/CAD Technical Levels
The pair currently trades 0.23% higher at 1.2462 levels. The immediate resistance is located at 1.2492 (hourly 100-SMA) and 1.2531 (hourly 200-SMA). On the flip side, support is seen at 1.2427 and 1.2392 levels.
Gains capped by a rise in Crude prices
The CAD has weakened against the USD, although the losses have been capped by strength in Crude prices. The WTI Crude futures currently trade 3.25% higher at USD 52.12/barrel. Meanwhile, the markets are likely to favor the US dollar ahead of the data release in the US, which is likely to show the pace of job additions slowed to 230K, compared to the previous month’s figure of 252K. However, the data had blown past the expectations on the last two occasions. Thus, a cautious tone is likely to prevail in the market.
<a href="http://www.fxstreet.com/technical-studies/currencies/usdcad/">USD/CAD Technical Levels
The pair currently trades 0.23% higher at 1.2462 levels. The immediate resistance is located at 1.2492 (hourly 100-SMA) and 1.2531 (hourly 200-SMA). On the flip side, support is seen at 1.2427 and 1.2392 levels.