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4 Dec 2014
USD/CAD limited by 1.1400
FXStreet (Edinburgh) - The greenback is advancing vs. its fellow neighbor on Thursday, with USD/CAD now attempting to consolidate around 1.1380.
USD/CAD ignored data, focus on NFP
Quite erratic performance today for the pair, keeping the narrow range with gains limited by the boundaries of 1.1400 the figure. In the data space, US Initial Claims disappointed rising to 297K in the week ended on November 29th, whereas the Canadian PMI tracked by Ivey bettered forecasts at 56.9 for the month of November. The pair will surely start the usual sideline pattern pre-Payrolls due tomorrow, with consensus expecting the economy to have created 232K during the last month. In Canada, Trade Balance figures are due ahead of the critical labour market releases, with the jobless rate expected to have ticked higher to 6.6%.
USD/CAD levels to watch
At the moment the pair is up 0.10% at 1.1379 with the next resistance at 1.1418 (high Dec.4) ahead of 1.1425 (high Dec.2) and finally 1.1459 (high Dec.1). On the downside, a break below 1.1341 (low Dec.4) would target 1.1319 (low Dec.2) and then 1.1316 (Kijun Sen).
USD/CAD ignored data, focus on NFP
Quite erratic performance today for the pair, keeping the narrow range with gains limited by the boundaries of 1.1400 the figure. In the data space, US Initial Claims disappointed rising to 297K in the week ended on November 29th, whereas the Canadian PMI tracked by Ivey bettered forecasts at 56.9 for the month of November. The pair will surely start the usual sideline pattern pre-Payrolls due tomorrow, with consensus expecting the economy to have created 232K during the last month. In Canada, Trade Balance figures are due ahead of the critical labour market releases, with the jobless rate expected to have ticked higher to 6.6%.
USD/CAD levels to watch
At the moment the pair is up 0.10% at 1.1379 with the next resistance at 1.1418 (high Dec.4) ahead of 1.1425 (high Dec.2) and finally 1.1459 (high Dec.1). On the downside, a break below 1.1341 (low Dec.4) would target 1.1319 (low Dec.2) and then 1.1316 (Kijun Sen).