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USD/CAD rallies amid Non-Farm Payrolls

© Dukascopy Bank SA
"We are dollar bulls but the dollar has done very well since the ISM services and ADP jobs figures on Wednesday so that raises the bar substantially for the numbers today to push the dollar higher."
- BNP Paribas (based on CNBC)


Pair's Outlook 
On Thursday, the USD/CAD currency pair tested the weekly S1 resistance at 1.2518. The Greenback edged up over the day, but remained in the range between the 20-day SMA and weekly S1, settling at 1.2484. On Friday, in spite of a number of good resistances, the US Dollar is likely to surge versus the Loonie, as the US Non-Farm Employment Change turned out to be larger than expected. Moreover, the bullish technical indicators are bolstering this outcome, while the nearest resistance capable of stopping the upward momentum rests at 1.2622. 

Traders' Sentiment 
Distribution between the long (74%) and short (26%) positions remains unchanged, while the buy orders rose from 49% to 53%.
© Dukascopy Bank SA


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