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Forex: USD/CAD plummets to 1.0258/59 after US/Canadian data

After peaking at 1.0316 (intraday maximum) earlier today, the USD/CAD has been trading negatively during European trading Friday, characterized by a gradual decline that took the pair above and below the 1.0300 level. However, after the reporting of both US and Canadian data, the pair found itself crashing lower, below support to 1.0258/59 in these moments.

In Canada, Housing Starts s.a. (YoY) came in at 180.7K in February, against consensus expectations of 175K. In addition, Labor Productivity (QoQ) yielded a result o +0.1% in Q4, compared with projections calling for no change. The Net Change in Employment (February) has reported 50.7 in February, beating expectations of 8.0K, and compared with -21.9K previously. Finally the Unemployment Rate (February) was held at 7.0%, vs. estimates of 7.1%. In the United States, the highly anticipated Nonfarm Payrolls (February) came in at 236K, against projections of 160K and compared with 157K previously. Unemployment Rate (February) has also steadied at 7.7%, which beat expectations of 7.9%.

According to the ICN.com Technical Analyst Team, “The USD/CAD is facing a huge difficulty in achieving more bullishness affected by 1.0355 levels that represents a Potential Reversal Zone of the bearish harmonic Bat Pattern. Moreover, RSI is still showing negative bias forcing us to think that there is a bearish correction possibility.”

ICN.com analysts point to supports at 1.0260, and eventually 1.0215. Conversely, a movement higher and consequent paring of today’s losses will result in the testing of resistive measures at 1.0355, then 1.0385, and finally 1.0420.

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