USDCAD Talking Points:
- This morning’s economic calendar[1] brought the release of both US and Canadian jobs numbers for the month of March. US NFP’s printed at +196k[2] versus the expectation of +170k-+180k. Canadian jobs, on the other hand, disappointed as Canada lost 7,200 jobs versus an expectation for a 6k gain.
- USDCAD[3] put in an initial move of strength as the pair tested the 1.3400 handle; but sellers soon followed to push prices back down to the pre-release range. This keeps prices in a symmetrical wedge pattern that’s been building over the past month, following a bullish breakout from another symmetrical wedge in USDCAD that had built-in from January to March. USDCAD may have attractive potential for traders looking at strategies of USD-weakness given proximity to long-term resistance around the 1.3500-handle.
- DailyFX Forecasts are published on a variety of currencies such as the US Dollar[4] or the Euro[5]and are available from the DailyFX Trading Guides page[6]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[7]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[8].
Do you want to see how retail traders are currently trading USDCAD? Check out our IG Client Sentiment Indicator[9].
USDCAD Re-Buffed at 1.3400 After US, Canadian Jobs Release
This morning brought the release of key employment data out of both the US and Canada for the month of March. In the US, Non-Farm Payrolls printed at +196k[10], a nice improvement from
