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COZfx: USD/CAD hits highs after ADP jobs report

Discussion in 'Analisa Fundamental' started by harryer, Jan 9, 2014.

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  1. harryer

    harryer Member

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    COZforex: The US dollar rise to 3 1/2 year highs against the Canadian dollar on Wednesday, after data showed that the US private sector added the largest number of jobs since November 2012 last month.

    USD/CAD rise to 1.0829 amid early US trade, the strongest level since 25 May 2010, and was last up 0.35% to 1.0803. Coz forex senior derivatives trader Daniel • Moloney said, USD/CAD is predicted to find support at 1.0706, and a drop through could take it to the next support line of 1.0621. Meanwhile, the pair is predicted to find its first resistance at 1.0838, and a rise through could take it to the next resistance line of 1.0885.

    ADP nonfarm payrolls rise by 238,000 in December, easily surpassing expectations for an increase of 200,000. November’s figure was revised up to a gain of 229,000 from a previously reported increase of 215,000.

    The strong data bolstered the outlook for the recovery in the labor market going into 2014 ahead of Friday’s keenly anticipated jobs report for December.

    Investors were also looking ahead to the minutes of the Federal Reserve’s December meeting, due for release later in the session, for indications on the possible timing of further reductions in the bank’s stimulus program.

    The Canadian dollar remained under pressure after the country’s Ivey purchasing managers index dropped to a 35 month low on Tuesday, unexpectedly slipping into contraction territory.

    A separate report showed that Canada posted an unexpectedly large trade surplus in November.

    (COZ forex UK)
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