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Forex: USD/CAD trading at 1.0031/32 after US jobless claims

FXstreet.com (Barcelona) - The USD/CAD has rebounded nicely outside a trough created during the European session, which effectively bottomed out at 1.0012 (intraday low). With this figure in the rearview mirror, the cross is now steadfastly rising in an attempt to pare yesterday’s losses. In these moments the cross is trading at 1.0031/32 after the dual release of North American data.

According to the TD Securities Team, “There is no obvious change in the short-term charts for USD/CAD though as the sharp sell off over the past week nears par (200-day MA at 0.9989). Early price moves do suggest a bent for USD buying, which may put short-term trend resistance at 1.0032 under a bit more pressure (and 1.0050/60 above).”

In the United States, Initial Jobless Claims (May 3) came in at 323K, against expectations of 335K. Moreover, Continuing Jobless Claims (April 27) yielded a figure of 3.005M, vs. a projection of 3.020M. Meanwhile in Canada, the New Housing Price Index (MoM) rose +0.1 in March, matching estimates of +0.1%. Finally, the New Housing Price Index (YoY) reported just +2.0% in March, vs. +2.1% projected.

The Mataf.net Technical Analyst team points to resistances for the USD/CAD at 1.0049, followed by 1.0078, and ultimately 1.0089. On the pullback or regarding any losses, a break below 1.0009 will trigger short-term supports for the USD/CAD at 0.9994, ahead of 0.9969.

US Continuing Jobless Claims (Apr 27): 3.005M vs 3.032M

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