USD/CAD holds steady at 1.4050 as traders await key labor market reports from the US and Canada to determine the next directional move.
USD/CAD is trading near 1.4050, lifted by safe-haven dollar demand after a US equity sell-off, but both the US NFP (65,000 expected vs 29,000 prior) and Canadian jobs report (13,600 expected) land today, leaving direction uncertain. Scotiabank is bearish/neutral on technicals with support at 1.3900/1.3920 and resistance above 1.4000, while their fair value estimate of 1.4119 hints at upside room.
The pair is near 1.4050 as the dollar benefits from safe-haven demand after a US equity sell-off, but traders are cautious ahead of both the US and Canadian jobs reports due Friday.
Resistance sits at the Bollinger middle band around 1.4065, with a close above opening the way toward 1.4255. Support is the 100-day SMA at 1.4045, and a break below could expose the lower Bollinger band near 1.3881.
The USD/CAD pair is hovering near 1.4050 as safe-haven demand for the US dollar rises following an equity market sell-off. Investors remain cautious ahead of today's dual release of US Nonfarm Payrolls and Canadian employment figures, which will provide clarity on the interest rate outlook for both nations.
The pair is near 1.4050 as the dollar benefits from safe-haven demand after a US equity sell-off, but traders are cautious ahead of both the US and Canadian jobs reports due Friday.
Resistance sits at the Bollinger middle band around 1.4065, with a close above opening the way toward 1.4255. Support is the 100-day SMA at 1.4045, and a break below could expose the lower Bollinger band near 1.3881.