USD/CAD is currently at 1.0031, bouncing from day lows 0.9980, above Thursday's highs, helped by risk-off sentiment sparkling following JPMorgan results in the after hours market showing the bank has lost $2B at the least, dumping the stock at the moment more than -6%, which is driving lower all risk asset classes around the world, including the Loonie. The pair is still up for the week by +0.84%, but below fresh 3-month yesterday's highs.
“The Canadian dollar is struggling to hold its ground ahead of the weekend as market participants scale back their appetite for risk. We may also see the loonie regain its footing over the next 24-hours of trading as the economic docket is expected to encourage an improved outlook for the region,” the analyst says, adding: “Canada is expected to add another 10.0K jobs in April and the ongoing improvement in the labor market may spark a short-term reversal in the USDCAD as it raises the scope for a rate hike.”
Instead, Shaun Osborne and Greg Moore, FX Strategists at TD Rates & FX Research, think: “Short-term patterns remain constructive for USD/CAD and there are signs that the late April/early May move up in spot is trying to accelerate,” the team say, adding: “The 1.0050 resistance zone, which has help pretty consistently since February is the make-or-break point for the rally.”
Immediate resistance to the upside for USD/CAD comes at recent session highs 1.0036 followed by yesterday's and fresh 3-month highs 1.0063 and January 19 lows 1.0071. For the downside, closest supports lie at Monday's highs 0.9988, followed by yesterday's lows 0.9977, and Monday's lows 0.9923.
“The Canadian dollar is struggling to hold its ground ahead of the weekend as market participants scale back their appetite for risk. We may also see the loonie regain its footing over the next 24-hours of trading as the economic docket is expected to encourage an improved outlook for the region,” the analyst says, adding: “Canada is expected to add another 10.0K jobs in April and the ongoing improvement in the labor market may spark a short-term reversal in the USDCAD as it raises the scope for a rate hike.”
Instead, Shaun Osborne and Greg Moore, FX Strategists at TD Rates & FX Research, think: “Short-term patterns remain constructive for USD/CAD and there are signs that the late April/early May move up in spot is trying to accelerate,” the team say, adding: “The 1.0050 resistance zone, which has help pretty consistently since February is the make-or-break point for the rally.”
Immediate resistance to the upside for USD/CAD comes at recent session highs 1.0036 followed by yesterday's and fresh 3-month highs 1.0063 and January 19 lows 1.0071. For the downside, closest supports lie at Monday's highs 0.9988, followed by yesterday's lows 0.9977, and Monday's lows 0.9923.
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