Sasha Singh
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

USDCAD : Pull Back From 1.1222 After Canadian Job Data, But Still Seems Supported

USDAD : 4 Hour Chart

USDCAD again declining today finding resistance at 1.1222 which earlier also resisted the pair in rising further. However it is currently testing the support from 50 day SMA but if it continues to decline the next nearest support it may find will be either at 1.1131 or at 1.1087. 

US dollar weakened against Canadian Dollar after the release of employment change and unemployment rate data which showed that the employment increase by 74K in September pushing the unemployment rate down to 6.8% by .2% points which is lowest since December 2008. Economists were expecting the employment to increase by 18.7K and unemployment rate to remain unchanged. In the 12 months to September, employment grew by an average of 13K per month, for a total increase of 15K. 

USDCAD : Daily Chart

On the daily chart, the pair still supported by the various support level as seen on the above chart. There is also a rising support trend line which will continue to prevent the pair in declining further. Seems like the upbeat US job data still weighs on the pair and preventing the US dollar in weakening.