USD/CAD posts modest daily gains above 1.2550 after NFP

USD/CAD continues to move up and down in a narrow band.
Nonfarm Payrolls in US rose by 916,000 in March.
US Dollar Index posts small daily gains on rising T-bond yields.

Eren Sengezer FXStreet

The USD/CAD pair is trading in the positive territory in the early American session as rising US Treasury bond yields support the greenback. As of writing, the pair was up 0.15% on the day at 1.2562.

NFP report helps USD find demand

The data published by the US Bureau of Labor Statistics revealed on Friday that Nonfarm Payrolls (NFP) in March surged by 916,000, beating the market expectation of 647,000 by a wide margin. Additionally, February's print got revised higher to 468,000 from 379,000 and the Unemployment Rate declined to 6% from 6.2%.

The upbeat jobs report provided a boost to the US Treasury bond yields and the benchmark 10-year reference was last seen rising 0.45% at 1.725%. Reflecting the positive impact of rising yields on the USD, the US Dollar Index, which dropped to 92.80 area earlier in the day, stays in the positive territory around 93.00.

There won't be any other macroeconomic data releases in the remainder of the and US stocks markets will be closed due to the Easter holiday.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2561
Today Daily Change	0.0014
Today Daily Change %	0.11
Today daily open	1.2547

Trends
Daily SMA20	1.2556
Daily SMA50	1.2644
Daily SMA100	1.274
Daily SMA200	1.3014

Levels
Previous Daily High	1.2602
Previous Daily Low	1.2544
Previous Weekly High	1.2629
Previous Weekly Low	1.2473
Previous Monthly High	1.274
Previous Monthly Low	1.2365
Daily Fibonacci 38.2%	1.2566
Daily Fibonacci 61.8%	1.258
Daily Pivot Point S1	1.2526
Daily Pivot Point S2	1.2505
Daily Pivot Point S3	1.2467
Daily Pivot Point R1	1.2585
Daily Pivot Point R2	1.2623
Daily Pivot Point R3	1.2644

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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