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USD/CAD drops below 1.1100

FXStreet (Córdoba) - After FOMC minutes USD/CAD plummeted, falling a hundred pips in a few minutes. During the Asian session remained with bearish momentum and bottomed on European hours at 1.1080, 1-week low.

So far on Thursday the pair has remained steady, consolidating yesterday’s decline. it has been moving in a small range, with support at 1.1080 and resistance at 1.1115. From Monday’s opening price the pair has fallen more than 150 pips

USD/CAD ahead of the jobs report

On Friday, employment numbers from Canada will be released that could largely impact the loonie. Ahead of the report, the correction of the USD/CAD appears to be driven by a weak US dollar, according to the FX Research Team at TD Securities.

“There is still a little more volatility in the market to come this week perhaps. Friday’s Canadian employment report is expected to show a decent rebound in jobs in September but the broader trend in jobs growth will stay fairly sluggish and our views expressed earlier in the week remain relevant here, we think—it’s the broader tone of the USD that is driving the USDCAD bus at the moment, not domestic Canadian issues”, said analysts from TD Securities.

South Africa Manufacturing Production Index (YoY) climbed from previous -3.6% to 2.2% in August

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