Forex: USD/CAD hovering over 1.0075/80

FXstreet.com (Barcelona) - The ongoing USD rally is alleviating the late selling pressure that was surrounding the cross, lifting the USD/CAD from the vicinity of the parity level on Thursday to the key resistance at 1.0100 during the European morning.

In light of the upcoming employment figures in the Canadian economy, Global Strategist Tim Davis at TD Securities commented, “While several sectors in both the goods and service producing industries posted outsized declines in March and are therefore due for a rebound, the wider backdrop of subdued economic growth and elevated uncertainty should limit the overall pace of hiring”.

The pair is now advancing 0.08% at 1.0076 facing the next hurdle at 1.01100 (high May 10) ahead of 1.0132 (high May 3) and then 1.0155 (MA21d).
On the flip side, a breakdown of 1.0064 (low May 10) would clear the way to 1.0014 (low May 9) and finally 0.9995 (high Feb.5).