5 May 2014
USD/CAD steadies above 1.0950
FXStreet (Córdoba) - The USD/CAD entered a consolidation phase below 1.1000 as the dollar steadies following post-nonfarm payrolls volatility.
Last Friday, the USD/CAD fell sharply and hit a 3-week low of 1.0935 after being rejected from the 1.1000 mark reached on better-than-expected US jobs data. The pair has entered a quieter phase Monday, with the USD/CAD trading at the 1.0960 area, down 0.12% on the day, as the USD remains on the defensive.
USD fails to sustain gains
The dollar failed to sustain NFP gains as even though the unemployment rate fell to 6.3%, it was mainly attributed to a drop in participation rate, which came in at the lowest level since late 1970s. In the US, attention today will mainly be on non-manufacturing ISM for April.
Last Friday, the USD/CAD fell sharply and hit a 3-week low of 1.0935 after being rejected from the 1.1000 mark reached on better-than-expected US jobs data. The pair has entered a quieter phase Monday, with the USD/CAD trading at the 1.0960 area, down 0.12% on the day, as the USD remains on the defensive.
USD fails to sustain gains
The dollar failed to sustain NFP gains as even though the unemployment rate fell to 6.3%, it was mainly attributed to a drop in participation rate, which came in at the lowest level since late 1970s. In the US, attention today will mainly be on non-manufacturing ISM for April.