Forex: USD/CAD trades at 0.9848/50 after US data
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has surrendered the majority if its gains, after topping out briefly at 0.9871 (intraday maximum). In the aftermath if the US data release the pair was seen trading at 0.9848/50 as it holds onto a tepid +0.01% gain at the onset of American trading.
In the United States, the ADP Employment Change (December) was reported at 215K, against a consensus of only 133K. Meanwhile, Initial Jobless Claims (December 29) yielded a figure of 372K, against expectations of 355K. Finally, Continuing Jobless Claims (Dec 23) have come in at 3.245M, compared to 3.206M previously. Regarding the Canadian dollar, the price of crude has settled at USD $92.77, down -0.38%.
According to ICN.com analyst team, "The USDCAD is trying to move to the upside as positivity might extend during today's session as far as 0.9800 levels remain intact. Breaching the 0.9880 levels and prolonged stability above this mark might be another positive indicator added to our expectations."
From a technical perspective, the team highlights the next resistive structure for the USDCAD at 0.9895, 0.9910, and ultimately 0.9940. Conversely, initial support lies at 0.9855, while a break below this figure will usher in additional means of correction at 0.9825 down to 0.9800 (key barrier and support).
In the United States, the ADP Employment Change (December) was reported at 215K, against a consensus of only 133K. Meanwhile, Initial Jobless Claims (December 29) yielded a figure of 372K, against expectations of 355K. Finally, Continuing Jobless Claims (Dec 23) have come in at 3.245M, compared to 3.206M previously. Regarding the Canadian dollar, the price of crude has settled at USD $92.77, down -0.38%.
According to ICN.com analyst team, "The USDCAD is trying to move to the upside as positivity might extend during today's session as far as 0.9800 levels remain intact. Breaching the 0.9880 levels and prolonged stability above this mark might be another positive indicator added to our expectations."
From a technical perspective, the team highlights the next resistive structure for the USDCAD at 0.9895, 0.9910, and ultimately 0.9940. Conversely, initial support lies at 0.9855, while a break below this figure will usher in additional means of correction at 0.9825 down to 0.9800 (key barrier and support).
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