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4 Dec 2014
USD/CAD attempts failing at 1.14 handle
FXStreet (Guatemala) - USD/CAD is trading at 1.1371, up 0.05% on the day, having posted a daily high at 1.1398 and low at 1.1340.
USD/CAD finds the 1.14 hard work although the pair is supported still with headwinds in the energy sector weighing on the Canadian dollar. “Petronas is delaying its decision on the Pacific North West LNG project—adding to signs that the energy price slump was curtailing investment in the resource sector—while Saudi Arabia announced price cuts for oil to the US and Asia for January, nudging WTI lower” - Analysts at TD Securities explained.
With the BoC out of the way sticking with a neutral stance, the USD/CAD now awaits the showdown that is the nonfarm Payrolls data. 1.14 is the July 2014 highs and to push through here will take some stronger demand for the greenback and may rely on this data as the catalyst.
Should the data be slightly worse than expected or slightly better than expected, then given the yearly average it is unlikely to tip the scale one way or the other, but a very positive number could just be the stoke in the fire that is required to set the bulls off ahead of the FOMC and year end.
USD/CAD levels
Current price is 1.1372, with upside levels ahead at 1.1377 (Daily Classic PP), 1.1380 (Hourly 100 SMA), 1.1398 (Daily High), 1.1410 (Daily Classic R1) and 1.1420 (Yesterday's High). To the downside, levels can be found at 1.1369 (Weekly Classic PP), 1.1367 (Hourly 20 EMA), 1.1367 (Daily Open), 1.1344 (Yesterday's Low) and 1.1340 (Daily Low).
USD/CAD finds the 1.14 hard work although the pair is supported still with headwinds in the energy sector weighing on the Canadian dollar. “Petronas is delaying its decision on the Pacific North West LNG project—adding to signs that the energy price slump was curtailing investment in the resource sector—while Saudi Arabia announced price cuts for oil to the US and Asia for January, nudging WTI lower” - Analysts at TD Securities explained.
With the BoC out of the way sticking with a neutral stance, the USD/CAD now awaits the showdown that is the nonfarm Payrolls data. 1.14 is the July 2014 highs and to push through here will take some stronger demand for the greenback and may rely on this data as the catalyst.
Should the data be slightly worse than expected or slightly better than expected, then given the yearly average it is unlikely to tip the scale one way or the other, but a very positive number could just be the stoke in the fire that is required to set the bulls off ahead of the FOMC and year end.
USD/CAD levels
Current price is 1.1372, with upside levels ahead at 1.1377 (Daily Classic PP), 1.1380 (Hourly 100 SMA), 1.1398 (Daily High), 1.1410 (Daily Classic R1) and 1.1420 (Yesterday's High). To the downside, levels can be found at 1.1369 (Weekly Classic PP), 1.1367 (Hourly 20 EMA), 1.1367 (Daily Open), 1.1344 (Yesterday's Low) and 1.1340 (Daily Low).