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1 Apr 2015
USD/CAD drops to 1.2640
FXStreet (Mumbai) - The weaker-than-expected ADP employment data released today pushed the USD/CAD pair lower to the session low of 1.2640 levels.
CAD gains on weak US data and recovery in Crude prices
The USD/CAD pair dropped from 1.2680 to 1.26370 after the data released by the Automatic Data Processing, Inc, (ADP) showed the private sector in the US added 189,000 jobs in March, missing the expected figure of 225,000 by a wide margin.
Meanwhile, crude prices in the US have also recovered from the low of USD 47.03/barrel to trade 0.20% higher for the day at USD 47.740/barrel. The recovery in Crude further supports the Canadian dollar, although gains in crude and CAD could be capped ahead of the weekly supply data in the US.
USD/CAD Technical Levels
The pair currently trades at 1.2654. The immediate support is seen at 1.2640 (38.2% Fib of 1.2409-1.2782), under which the pair could fall to 1.26. On the flip side, a break above 1.2694 could see the pair re-test 1.2756 levels.
CAD gains on weak US data and recovery in Crude prices
The USD/CAD pair dropped from 1.2680 to 1.26370 after the data released by the Automatic Data Processing, Inc, (ADP) showed the private sector in the US added 189,000 jobs in March, missing the expected figure of 225,000 by a wide margin.
Meanwhile, crude prices in the US have also recovered from the low of USD 47.03/barrel to trade 0.20% higher for the day at USD 47.740/barrel. The recovery in Crude further supports the Canadian dollar, although gains in crude and CAD could be capped ahead of the weekly supply data in the US.
USD/CAD Technical Levels
The pair currently trades at 1.2654. The immediate support is seen at 1.2640 (38.2% Fib of 1.2409-1.2782), under which the pair could fall to 1.26. On the flip side, a break above 1.2694 could see the pair re-test 1.2756 levels.