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The loonie has been a very resilient performer as of late, benefiting from both the rally in commdollars and the fact that oil has held the $50/bbl level so far. But the pair may be ready for a move back up to 1.3300 especially if the dollar maintains its bid and tomorrow’s Canadian labor data disappoints.
Canadian employment is expected to decline by -10K after last month’s monster 50K gain. However, there is a chance that the number could miss as it tends to be mean reverting. If the labor data disappoints, it could spur fresh speculation of BOC easing and could quickly push USD/CAD towards the 1.3200 figure.
Technically, the pair has found strong support at the 1.3000 level and has no serious resistance until the 1.3300 figure.