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8 Sep 2014
USD/CAD rises to test September highs
FXStreet (Córdoba) - Greenback was rising across the board on Monday and climbed to fresh daily highs against commodity currencies during the American session. USD/CAD broke above 1.0915 and jumped to 1.0935, reaching the highest price since last Wednesday.
The pair was trading above 1.0930, 45 pips above Friday’s closing price and near September highs. To the upside, immediate resistance could be located at 1.0940/45 (September 3 high) and above here at 1.0985 (August 6, 8 and 21 high).
USD/CAD after job numbers
Last Friday USD/CAD remained around 1.0870/80 after the release of the employments reports from Canada and the US. According to the TD Securities Research Team labor market numbers did not changed Bank of Canada’s perspective, about a continuation of the slack in the economy, that is expected to be absorbed gradually.
“ So, there was very little in the way of new information there regarding direction for USDCAD, which reinforces our perception from the charts. Namely, that funds will spend some time trading in the 1.08-1.10 range and remain somewhat vulnerable to a drop to the 1.07s”, said the Research Team.
The pair was trading above 1.0930, 45 pips above Friday’s closing price and near September highs. To the upside, immediate resistance could be located at 1.0940/45 (September 3 high) and above here at 1.0985 (August 6, 8 and 21 high).
USD/CAD after job numbers
Last Friday USD/CAD remained around 1.0870/80 after the release of the employments reports from Canada and the US. According to the TD Securities Research Team labor market numbers did not changed Bank of Canada’s perspective, about a continuation of the slack in the economy, that is expected to be absorbed gradually.
“ So, there was very little in the way of new information there regarding direction for USDCAD, which reinforces our perception from the charts. Namely, that funds will spend some time trading in the 1.08-1.10 range and remain somewhat vulnerable to a drop to the 1.07s”, said the Research Team.