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12 Aug 2013
CAD had been appreciating but its direction was halted on the labour market.
FXstreet.com (Barcelona) - USD/CAD had been depreciating but its direction was halted on the labour market.
The unemployment numbers printed a surprise rise of 7.2% and as a result USD/CAD shot up to 1.0350. However, with an improved economic outlook for the next half of this year employment should improve. If employment growth does not print better over the next quarter, this would this affect the underlying picture for the Canadian economy. Without any Canadian data up, the Us will take centre stage this week with a number of key releases including job data and CPI.
USD/CAD has a bearish bias
USD/CAD eyes 1.0250 as a target that should come in as a support while 1.0450 caps any advancements in the current apatite towards the upside. The 20 dma is 1.0332 , 50 dma is 1.0362 and 200 dma reads 1.0147. RSI (9) comes as 40.96. Spot is 1.0315 currently while resistances are 1.0350, 1.0405 1.0430 1.0445.
The unemployment numbers printed a surprise rise of 7.2% and as a result USD/CAD shot up to 1.0350. However, with an improved economic outlook for the next half of this year employment should improve. If employment growth does not print better over the next quarter, this would this affect the underlying picture for the Canadian economy. Without any Canadian data up, the Us will take centre stage this week with a number of key releases including job data and CPI.
USD/CAD has a bearish bias
USD/CAD eyes 1.0250 as a target that should come in as a support while 1.0450 caps any advancements in the current apatite towards the upside. The 20 dma is 1.0332 , 50 dma is 1.0362 and 200 dma reads 1.0147. RSI (9) comes as 40.96. Spot is 1.0315 currently while resistances are 1.0350, 1.0405 1.0430 1.0445.