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USD/CAD firmer, eyes on 1.1250

FXStreet (Edinburgh) - The greenback is picking up pace vs. its Canadian counterpart on Friday, pushing USD/CAD to the mid-1.1200 area.

USD/CAD in multi-month highs

The pair is trading back to levels last seen in late March around 1.1250 following the better-than-expected US Payrolls for the month of September, with the economy adding 248K jobs vs. 215K expected and up from 180K in the previous month. Further data supporting the USD came from the US trade deficit, shrinking to $40.1 billion during August. From the Canadian side, trade balance figures surprised to the downside, posting a $0.61 billion deficit vs. forecasts for a $1.55 billion surplus, adding further downside pressure to the CAD.

USD/CAD levels to consider

As of writing the pair is up 0.68% at 1.1233 and a surpass of 1.1278 (2014 high Mar.19) would expose 1.1300 (psychological level). On the downside, the initial support aligns at 1.1156 (low Oct.3) followed by 1.1105 (Tenkan Sen) and finally 1.1071 (low Oct.2).

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