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Forex: USD/CAD up around 1.0110

FXstreet.com (Barcelona) - The Canadian dollar is posting marginal losses against the greenback on Payroll’s day, as the USD is extending the upside momentum that lifted the cross from weekly lows around 1.0050 on Wednesday to today’s highs around 1.0115.

“The Canadian dollar has been unable to participate in the foreign currency recovery today after Canada surprised by naming Poloz to replace Carney at the helm of the central bank starting next month. In his initial speech Poloz, coming more immediately from the Export Development Canada, emphasized exports to help promote a more vigorous recovery. The CAD1.0170-CAD1.0200 is the next important barrier for the US dollar”, assessed the research team at BBH.

As of writing, the cross is up 0.08% at 1.0113 with the next resistance at 1.0173 (50% of 1.0295-1.0051) ahead of 1.0178 (MA21d) and then 1.0203 (61.8% of 1.0295-10051).
On the downside, a break below 1.0060 (low May 2) would then target 1.0051 (low May 1) en route to 1.0017 (61.8% of 0.9815-1.0343).

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