Forex: USD/CAD dips to 0.9712 low on upbeat Canadian employment
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USD/CAD
FXstreet.com (Barcelona) - The Dollar has spiked about 40 pips lower, weighed by Canadian Dollar strength following upbeat employment figures in Canada, to fresh one-week low at 0.9712.
On the downside, below 0.9725/30 (Jun 7/9 low), the pair might find support at 0.9670 (Jun 1 low) and then 0.9640 (May 20 low). On the upside, resistance levels lie at 0.9765 (day high), and above 0.9815/20 (Jun 6/8 high) and 0.9850 (Jun 3 high).
Employment volume increased in Canada by 22,000 in May, slightly above the 20,000 increment expected by the markets. The unemployment rate eased to 7.4% in May from 7.6% in April.
On the downside, below 0.9725/30 (Jun 7/9 low), the pair might find support at 0.9670 (Jun 1 low) and then 0.9640 (May 20 low). On the upside, resistance levels lie at 0.9765 (day high), and above 0.9815/20 (Jun 6/8 high) and 0.9850 (Jun 3 high).
Employment volume increased in Canada by 22,000 in May, slightly above the 20,000 increment expected by the markets. The unemployment rate eased to 7.4% in May from 7.6% in April.
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