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9 Aug 2013
USD/CAD testing the 1.0300 region
FXstreet.com (New York) - The USD/CAD foreign exchange rate collapsed off its highs earlier at 1.0354, though it has remained stable above the 1.0300 region thus far during US trading.
Earlier today in Canada, the Net Change in Employment (July) was reported at -39.4K, missing expectations of 10.0K. Moreover, the Unemployment Rate (July) rose to 7.2%, vs. estimates of only 7.1%. Housing Starts s.a. (YoY) yielded 192.9K in July, compared with a projection of 193.5K. Finally, the participation rate (July) fell to 66.5%, missing a consensus of 66.7%.
USD/CAD strategic bias
Technically speaking, the USD/CAD is now trading at 1.0302, presently incurring a loss of -0.21% off its opening. Despite the earlier plunge, supports lie at 1.0305, ahead of 1.0265, and 1.0245, notes the Danske Research Team.
According to the TD Securities Team, “After looking well-supported last week, the slide in USD/CAD this week has taken us a little by surprise. But we remain broadly more constructive on the USD outlook and the renewed slide in funds has perhaps given the market better levels to buy. Short-term supports have provided little of the sort for the USD this week so we are left looking at key support at 1.0250/75 now as the last line of defense for the USD on the short-term charts.”
Earlier today in Canada, the Net Change in Employment (July) was reported at -39.4K, missing expectations of 10.0K. Moreover, the Unemployment Rate (July) rose to 7.2%, vs. estimates of only 7.1%. Housing Starts s.a. (YoY) yielded 192.9K in July, compared with a projection of 193.5K. Finally, the participation rate (July) fell to 66.5%, missing a consensus of 66.7%.
USD/CAD strategic bias
Technically speaking, the USD/CAD is now trading at 1.0302, presently incurring a loss of -0.21% off its opening. Despite the earlier plunge, supports lie at 1.0305, ahead of 1.0265, and 1.0245, notes the Danske Research Team.
According to the TD Securities Team, “After looking well-supported last week, the slide in USD/CAD this week has taken us a little by surprise. But we remain broadly more constructive on the USD outlook and the renewed slide in funds has perhaps given the market better levels to buy. Short-term supports have provided little of the sort for the USD this week so we are left looking at key support at 1.0250/75 now as the last line of defense for the USD on the short-term charts.”