FxWirePro: USD/CAD strongly bearish despite upside attempts
Friday, April 7, 2017 2:23 PM UTC
- The USD/CAD pair declined on Friday as higher oil prices and stronger-than-expected Canadian jobs report strengthened the Canadian dollar against its U.S. counterpart.
- Canadian employers added a greater-than-expected 19,400 jobs in March and the unemployment rate edged up to 6.7 percent as more people sought work, Statistics Canada said on Friday in a report that suggested Canada's economy has finally turned the corner.
- Oil traded near a one-month high on Friday after the United States fired missiles at a Syrian government airbase, sending shockwaves through global markets and raising concerns that the conflict could spread in the oil-rich region.
- The currency pair is trading around 1.3371 levels and it is set to decline further towards 1.3340 and 1.3300 in the short term.
- To the upside, the strong resistance can be seen at 1.3404, a break above will take the pair towards next resistance level at 1.3450.
- To the downside immediate support can be seen at 1.3350 levels, a break below will open the door towards next level at 1.3316.
Resistance Levels
R1: 1.3380 (50% Retracement level)
R2: 1.3404 (61.8% Retracement level)
R3: 1.3450 (April 6th high)
Support Levels
S1: 1.3350 (38.2% Retracement level)
S2: 1.3316 (23.6% Retracement level)
S3: 1.3280 (March 28th lows)