fxs_header_sponsor_anchor

News

USD/CAD stays above 1.3000 ahead of Canadian jobs

  • The greenback regains the 1.3000 and beyond vs. its Canadian peer.
  • USD and CAD stay vigilant on the imminent G-7 meeting on June 8-9.
  • Canadian jobs report for the month of May next of relevance later.

The greenback is extending the up move vs. its Canadian neighbour at the end of the week, pushing USD/CAD further north of the psychological 1.3000 handle.

USD/CAD looks to G-7, jobs report

The pair is up for the second consecutive session on Friday, surpassing the key 1.3000 mark on shrinking optimism in the commodity-currency complex, declining crude oil prices and trade concerns in light of the upcoming G-7 meeting, to be held today and tomorrow in Quebec (Canada).

CAD is deriving some selling pressure in response to crude oil dynamics, where the barrel of West Texas Intermediate navigates the mid-$65.00s and has already shed more than 11% since YTD tops near the $73.00 mark recorded in mid-May.

On the data front, the salient release today will be the monthly report on the Canadian labour market for the month of May, although the bulk of the attention should be on the developments from the G-7 meeting, where trade concerns will be in centre stage.

USD/CAD significant levels

As of writing the index is up 0.38% at 1.3020 and a breakout of 1.3029 (high Jun.8) would open the door to 1.3049 (high May 29) and finally 1.3126 (2018 high Mar.19). On the other hand, the immediate support lines up at 1.2963 (10-day sma) seconded by 1.2857 (low Jun.6) and then 1.2816 (low May 31).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.