After some spectacular readings, Canada’s economy is expected to show more modest job creation in January, with an estimate of 10.3 thousand. The unemployment rate is forecast to edge up from 5.7% to 5.8%. If these predictions are within expectations, the Canadian dollar could gain some ground on Friday, and end a tough week on a positive note.USD/CAD ratio is unchanged in the Monday session. Currently, long positions have a majority (51%), indicative of a lack of trader bias towards as to what direction USD/CAD takes next.
USD/CAD has showed little movement in the Asian and European sessions
•1.2494 is providing support
•1.2630 is a weak resistance line
•Current range: 1.2494 to 1.2630
Further levels in both directions:
•Below: 1.2494, 1.2351, 1.2190 and 1.2060
•Above: 1.2630, 1.2757 and 1.2855
USD/CAD has showed little movement in the Asian and European sessions
•1.2494 is providing support
•1.2630 is a weak resistance line
•Current range: 1.2494 to 1.2630
Further levels in both directions:
•Below: 1.2494, 1.2351, 1.2190 and 1.2060
•Above: 1.2630, 1.2757 and 1.2855
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