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8 Feb 2013
Forex: USD/CAD surges after disappointing Canada jobs data
The Canadian dollar weakened and fell to a 1-week low versus the greenback after data showed Canada's economy unexpectedly cut 21,900 jobs in January.
USD/CAD rose nearly 50 pips right after the data and touched its highest since January 31st at 1.0030. At time of writing, USD/CAD is quoting around 1.0025, recording 0.5% gain on the day.
As for technical levels, above the 1.0033 area, next resistances are seen at 1.0050 (high Jan 30) and 1.0200 (psychological level). On the downside, supports could be found at 0.9970 (100-hour SMA), 0.9950 (21-day SMA) and 0.9930 (low Feb 7).
USD/CAD rose nearly 50 pips right after the data and touched its highest since January 31st at 1.0030. At time of writing, USD/CAD is quoting around 1.0025, recording 0.5% gain on the day.
As for technical levels, above the 1.0033 area, next resistances are seen at 1.0050 (high Jan 30) and 1.0200 (psychological level). On the downside, supports could be found at 0.9970 (100-hour SMA), 0.9950 (21-day SMA) and 0.9930 (low Feb 7).