The Canadian dollar is making progress against the US dollar, mostly riding on the weakness of the USD across the board. USD/CAD is trading below 1.09 and getting close to the important support line of 1.0850. Here is how it looks on the daily chart. 1.0850 is clear support for the pair: 1.0850 was not only the low in April, but also served as strong resistance several times in the past. Below, 1.0780 works as further support. On the topside, 1.0950 is weak resistance, and it is followed by the all important level of 1.10 which USDCAD “hugged” for some time. Reasons for USD/CAD fall The big sell in the dollar is seen all over, with GBP/USD getting very close to 1.70, EUR/USD annoying the ECB with a move closer to 1.40 and NZD/USD at fresh multi-year highs. In Canada, data is mixed. Canada posted a trade balance surprise of only $0.08 billion, below expectations of 0.13 billion, yet not too far from this figure. However, both exports and imports came out above expectations, meaning that trade is more active. This is generally positive. The Ivey Purchasing Managers’ Index came out slightly above expectations, at 54.1 points instead of 54 expected on a seasonally adjusted basis. The big event for the loonie is the release of employment figures on Friday. This time, the Canadian jobs data gets its own stage, as the US NFP was already published. For more technical levels, events and analysis, see the USDCAD 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 AUD/USD: Trading the Australian jobs May 2014 Kenny Fisher 8 years The Canadian dollar is making progress against the US dollar, mostly riding on the weakness of the USD across the board. USD/CAD is trading below 1.09 and getting close to the important support line of 1.0850. Here is how it looks on the daily chart. 1.0850 is clear support for the pair: 1.0850 was not only the low in April, but also served as strong resistance several times in the past. Below, 1.0780 works as further support. On the topside, 1.0950 is weak resistance, and it is followed by the all important level of 1.10 which USDCAD "hugged" for some… 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.