7 Jun 2013
USD/CAD offered after the release of NFP and Unemployment
FXstreet.com (London) - The unemployment numbers and NFP have been released simultaneously and USD/CAD prints lower on a mixed bag.
The unemployment rate for Canada came pretty much in line and in a positive tone for the Loonie, with the Canadian dollar up against an otherwise stronger dollar across the board. The number arrived at 7.1% against consensus 7.2% and previous 7.2%. NFP’s were pretty much in line with expectations as well, but slightly higher against the consensus as 175k vrs 170k and better than the previous 165k of last month.
The reaction in the market to the main NFP’s has been relatively muted following yesterdays havoc in the FX space. Teams at ICN.com have said that due to stability below 1.0270 and Linear Regression indicators shown on graph, the possibility of extending bearishness is valid today. They still expect the trading range for today is between the key support at 1.0140 and the key resistance at 1.0385 and the general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.
The unemployment rate for Canada came pretty much in line and in a positive tone for the Loonie, with the Canadian dollar up against an otherwise stronger dollar across the board. The number arrived at 7.1% against consensus 7.2% and previous 7.2%. NFP’s were pretty much in line with expectations as well, but slightly higher against the consensus as 175k vrs 170k and better than the previous 165k of last month.
The reaction in the market to the main NFP’s has been relatively muted following yesterdays havoc in the FX space. Teams at ICN.com have said that due to stability below 1.0270 and Linear Regression indicators shown on graph, the possibility of extending bearishness is valid today. They still expect the trading range for today is between the key support at 1.0140 and the key resistance at 1.0385 and the general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.