TenkoFX - Analytics

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    USD/CAD slides back below 1.3000 ahead of employment details Haresh Menghani

    The USD/CAD pair once again got rejected from just above 100-day SMA and has now turned down to currently trade in negative territory around 1.2990-95 region.A tepid bounce in crude oil prices from nearly two-month lows is extending support to the Canadian Dollar. Moreover, traders seem to position themselves ahead of the key jobs reports, both from the US and Canada. Today's employment reports, especially from the US, might turn out to be the next big trigger that would assist traders in determining the near-term direction of the pair that has repeatedly failed to sustain its strength above 100-day SMA resistance. From the US employment data, what would be of key important for market players would be any revision to May's dismal headline numbers and average hourly wage growth, which if surprises on the upside would provide a near-term bullish break-out for the pair.Technical levels to watchOn the immediate downside, 50-day SMA support near 1.2940 region would be the key support to watch for, below which the pair could easily slide back below 1.2900 and weekly lows support near 1.2850 towards testing its next major support near 1.2800 handle. On the flip side, strong bullish momentum above 1.3030-50 would confirm a bullish break-out, which seems to lift the pair immediately towards 1.3100 round figure mark resistance. A follow through buying interest above 1.3100 handle would open room for further near-term appreciating move for the pair.


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