USD/CAD stays above 1.3000 ahead of Canadian jobs

The greenback regains the 1.3000 and beyond vs. its Canadian peer.
USD and CAD stay vigilant on the imminent G-7 meeting on June 8-9.
Canadian jobs report for the month of May next of relevance later.

Pablo Piovano FXStreet

The greenback is extending the up move vs. its Canadian neighbour at the end of the week, pushing USD/CAD further north of the psychological 1.3000 handle.

USD/CAD looks to G-7, jobs report

The pair is up for the second consecutive session on Friday, surpassing the key 1.3000 mark on shrinking optimism in the commodity-currency complex, declining crude oil prices and trade concerns in light of the upcoming G-7 meeting, to be held today and tomorrow in Quebec (Canada).

CAD is deriving some selling pressure in response to crude oil dynamics, where the barrel of West Texas Intermediate navigates the mid-$65.00s and has already shed more than 11% since YTD tops near the $73.00 mark recorded in mid-May.

On the data front, the salient release today will be the monthly report on the Canadian labour market for the month of May, although the bulk of the attention should be on the developments from the G-7 meeting, where trade concerns will be in centre stage.

USD/CAD significant levels

As of writing the index is up 0.38% at 1.3020 and a breakout of 1.3029 (high Jun.8) would open the door to 1.3049 (high May 29) and finally 1.3126 (2018 high Mar.19). On the other hand, the immediate support lines up at 1.2963 (10-day sma) seconded by 1.2857 (low Jun.6) and then 1.2816 (low May 31).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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