11 Jul 2014
USD/CAD dips to 1.0630
FXStreet (Edinburgh) - The generalized selling atmosphere surrounding the greenback is now dragging the USD/CAD to test the lower band of today’s range near 1.0630, or session lows.
USD/CAD focus on key data
Absent docket in the US economy, investors’ focus will be on the Canadian labour market results, with consensus expecting the employment to increase by 20.0K in June and the jobless rate to remain unchanged at 7.0%. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “A softening in data from China and Europe leaves Q2 global growth at risk, any further softening will support an upward move in USDCAD back towards 1.08”.
USD/CAD levels to consider
The pair is now retreating 0.11% at 1.0638 and a break below 1.0620 (low Jul.3) would open the door to 1.0601 (61.8% of 1.0182-1.1279) and finally 1.0589 (2014 low Jan.2). On the upside, the initial hurdle aligns at 1.0694 (high Jul.8) ahead of 1.0762 (high Jun.23) and then 1.0806 (200-d MA).
USD/CAD focus on key data
Absent docket in the US economy, investors’ focus will be on the Canadian labour market results, with consensus expecting the employment to increase by 20.0K in June and the jobless rate to remain unchanged at 7.0%. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “A softening in data from China and Europe leaves Q2 global growth at risk, any further softening will support an upward move in USDCAD back towards 1.08”.
USD/CAD levels to consider
The pair is now retreating 0.11% at 1.0638 and a break below 1.0620 (low Jul.3) would open the door to 1.0601 (61.8% of 1.0182-1.1279) and finally 1.0589 (2014 low Jan.2). On the upside, the initial hurdle aligns at 1.0694 (high Jul.8) ahead of 1.0762 (high Jun.23) and then 1.0806 (200-d MA).