USD/CAD Tanks to Lows Near 1.3000 on Data

USD/CAD Tanks to Lows Near 1.3000 on Data

8 April 2016, 15:00
Roberto Jacobs

USD/CAD Tanks to Lows Near 1.3000 on Data

The Canadian dollar is now rapidly appreciating vs. its American neighbor, dragging USD/CAD to test lows near the psychological support at 1.3000 the figure.

USD/CAD weaker post-data, oil

The pair met increasing selling pressure after Canadian Employment Change has increased by 40.6K, crushing forecasts for a gain of 10.0K. In addition, the jobless rate has ticked lower to 7.1% during March, down from 7.3%, while Participation Rate stayed put at 65.9%.

Adding to CAD upside, the barrel of West Texas Intermediate is trading in daily highs above the $39.00 mark.

USD/CAD significant levels

As of writing the pair is losing 1.04 % at 1.3013 and a breakdown of 1.2858 (2016 low Mar.31) would expose 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, the initial up barrier lines up at 1.3290 (23.6% Fibo of 1.4692-1.2858) followed by 1.3390 (200-day sma) and then 1.3500 (55-day sma).

(Market News Provided by FXstreet)

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