OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD extends decline to 1.0910 amid Canadian job error

FXStreet (San Francisco) - After a brief bounce from 1.0930 to 1.0945, the USD/CAD resumed its downtrend and it declined fast to break the 1.0930 and 1.0915 and to reach fresh daily lows around 1.0910.

Movement was fueled by the Statistics Canada announcement that July jobs data had a mistake. "The report was weaker than expected so I'm gonna guess it is an upward revision, but that is a pure unadulterated guess," comments Jamie Coleman from FXBeat.

Currently, USD/CAD is trading at 1.0921, up 0.01% on the day, having posted a daily high at 1.0955 and low at 1.0912. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.

USD/CAD levels

"The market is guessing the same thing. USD/CAD has dropped from 1.0943 to 1.0924 on the news," affirms Coleman. "1.0905/10 is critical support. Stops are below 1.0900."

Gold erases gains, back to $1,310

The yellow metal rose before the American session from $1,305 to $1,317 hitting the highest price since Friday but then reversed and erased gains.
Read more Previous

USD/JPY awaits key events in Asia

USD/JPY is trading at 102.23, up 0.03% on the day, having posted a daily high at 102.38 and low at 102.09.
Read more Next
Start livechat