The Canadian dollar continues its recovery path. At 1.0855, USD/CAD is now below the April low and is trading at the lowest level since early January. The weakness of the US dollar across the board and some good Canadian data pushes the pair lower ahead of the all important Canadian jobs data. The US dollar suffered a major downfall on Tuesday, and the recovery has been minimal. Yellen’s testimonies in Congress were in line with previous appearances and were not hawkish, to say the least. Canada reported a strong housing starts figure: an annualized level of 195K, far better than 177K expected and a big bounce from 157K last month. The Canadian economy seems to enjoy a weaker C$. Will the currency rise now and hurt the economy once again? So far, the BOC maintains its slightly dovish stance and doesn’t return to the hawkish one. Job figures for April are expected to show a gain of around 15K jobs after a super strong job gain of 42.9K in March. This March jobs report keeps on boosting the loonie. The unemployment rate is predicted to remain at 6.9%. USD/CAD daily chart, showing the big fall of the pair (or rise of CAD/USD if you wish): Below 1.0850, support is found at 1.0780, followed by 1.0660. Resistance awaits at 1.0950, with the obvious 1.10 above. For more levels, see CAD USD forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next USDCHF Trendline Proves Worth; Bears To Take Control? Aayush Jindal 8 years The Canadian dollar continues its recovery path. At 1.0855, USD/CAD is now below the April low and is trading at the lowest level since early January. The weakness of the US dollar across the board and some good Canadian data pushes the pair lower ahead of the all important Canadian jobs data. The US dollar suffered a major downfall on Tuesday, and the recovery has been minimal. Yellen's testimonies in Congress were in line with previous appearances and were not hawkish, to say the least. Canada reported a strong housing starts figure: an annualized level of 195K, far better than… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
