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6 Feb 2015
USD/CAD through 1.2500
FXStreet (Edinburgh) - The dollar is back. The greenback continues marching north at the end of the week, pushing USD/CAD beyond the 1.2500 handle.
USD/CAD points to a negative week
The pair’s upside has been boosted by the very auspicious labour market releases in the US economy, with Payrolls and Average Hourly Earnings surpassing estimates. The latter posting a monthly advance of 0.5%, the highest since November 2008.
The Canadian dollar also strengthened following the domestic docket, although the knee-jerk to the 1.2380 area probed to be short-lived eventually. The employment Change increased by 34.5K - crushing forecasts for a 4.5K gain - while the jobless rate ticked lower to 6.6% from 6.7%.
USD/CAD key levels
At the moment the pair is up 0.73% at 1.2515 and a breakout of 1.2585 (high Feb.5) would target 1.2591 (high Feb.4) en route to the psychological handle at 1.2600. On the downside, the immediate support lies at 1.2394 (low Feb.5) followed by 1.2390 (low Feb.4) and finally 1.2375 (low Feb.6).
USD/CAD points to a negative week
The pair’s upside has been boosted by the very auspicious labour market releases in the US economy, with Payrolls and Average Hourly Earnings surpassing estimates. The latter posting a monthly advance of 0.5%, the highest since November 2008.
The Canadian dollar also strengthened following the domestic docket, although the knee-jerk to the 1.2380 area probed to be short-lived eventually. The employment Change increased by 34.5K - crushing forecasts for a 4.5K gain - while the jobless rate ticked lower to 6.6% from 6.7%.
USD/CAD key levels
At the moment the pair is up 0.73% at 1.2515 and a breakout of 1.2585 (high Feb.5) would target 1.2591 (high Feb.4) en route to the psychological handle at 1.2600. On the downside, the immediate support lies at 1.2394 (low Feb.5) followed by 1.2390 (low Feb.4) and finally 1.2375 (low Feb.6).