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5 Apr 2013
Forex: USD/CAD testing 1.0200 after Canadian employment
FXstreet.com (Barcelona) - The USD/CAD surged ahead following the release of weak economic data in Canada, combined with the release of several key US indicators as well. Given this surge, the pair managed to pare its losses and break higher to the 1.0200 level, testing this region at the time of writing.
“Prolonged intraday stability below the 1.0185 level is significant to support extending the downside move today, while stability below 1.0215, supports the current overall bearish move until reaching the suggested targets.” notes the ICN.com analyst team.
In the United States, the Nonfarm Payrolls (March) were reported at 88K, against expectations of 200k. Meanwhile, the Unemployment Rate (March) came in at just 7.6%, beating consensus estimates of 7.7%. In Canada, the Unemployment Rate (March) grew to 7.2%, missing estimates calling for 7.1%. Finally, Net Change in Employment yielded a result of -54.5K in March, vs. projections calling for 8.5K.
“Prolonged intraday stability below the 1.0185 level is significant to support extending the downside move today, while stability below 1.0215, supports the current overall bearish move until reaching the suggested targets.” notes the ICN.com analyst team.
In the United States, the Nonfarm Payrolls (March) were reported at 88K, against expectations of 200k. Meanwhile, the Unemployment Rate (March) came in at just 7.6%, beating consensus estimates of 7.7%. In Canada, the Unemployment Rate (March) grew to 7.2%, missing estimates calling for 7.1%. Finally, Net Change in Employment yielded a result of -54.5K in March, vs. projections calling for 8.5K.