FxWirePro: USD/CAD hits 1-week low, scope for further downside
The USD/CAD plummeted towards 1.3000 levels after Canadian employment data showed sharp rise in March. In quick succession the pair hit daily low of 1.3000, wiping out earlier gains. Canada added far more jobs than expec…
The USD/CAD plummeted towards 1.3000 levels after Canadian employment data showed sharp rise in March. In quick succession the pair hit daily low of 1.3000, wiping out earlier gains.
Canada added far more jobs than expected last month as service sector hiring accelerated and the unemployment fell from three year low.
The Canadian economy added 40,600 jobs in March, far surpassing expectation for 10000. the unemployment rate declined to 7.1 percent.
The intraday trend remains bearish for the pair as the oil co-related Canadian dollar has shown strengths against US dollar lately as the oil prices once again recovered towards $ 40 a barrel.
The currency pair is trading at 1.2986 levels, it is expected to reach 1.2950 levels and later 1.2900 levels in the short term.
The immediate support can be seen at 1.2980, break below this level will expose the pair to next support level at 1.2931.
Major resistance can be seen at 1.3010, break above this level will expose it towards 1.3055 levels.
