Loonie at 7-week high
The U.S. dollar dropped to 0.9880, its weakest level in seven weeks as impressive employment data was released in both the U.S. and Canada this morning. The Canadian economy added 59.300 new jobs in November providing a much need boost to traders' confidence. The U.S. unemployment figures were also very positive today with figures printing at 7.7%, well below expectations of 7.9%. The technical support level at 0.9875 is still intact for now, a close below would signal further U.S. dollar weakness. We expect a range today of 0.9870 to 0.9925 The euro is down 250 points this week at 1.2750. A less-than-positive press conference from European Central Bank President Mario Draghi has the market back in the selling euro mode. The market will now wait for more information before direction in the pairing will be found. We expect a range today of 1.2700 to 1.2800 The Pound-Sterling-Canadian-dollar pairing fell sharply after a strong North American employment data this morning and a softer U.K. Industrial production number. The pair traded back down below previous support level at 1.5850 to erase all of this week’s gains. The Australian Trade Balance widened less than expected on the data front. The Australian-Canadian-dollar pairing is trading lower today after North American employment numbers but manages to stay within recent ranges. The New Zealand-Canadian-dollar pairing is also trading lower as the pair failed to break above its resistance at 0.8270 again. A lower close could open the door for the pair to test support at 0.8100. Data Releases CAD: Unemployment Rate AUD: No data today EUR: French Trade Balance GBP: BOE Inflation Report JPY: No data today NZD: No data today USD: Unemployment Rate
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