12 Jan 2015
USD/CAD getting ready to tackle 1.2000 – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team maintain a medium-term bullish outlook on the USD/CAD pair, and further suggest going long on the pair as it eyes the 1.2000 figure.
Key Quotes
“Canada's job market shed 4.3k positions after a loss of 10.7k jobs in November, while the unemployment rate remained at 6.6%. The market had expected an increase of 15k jobs. The two months of declines followed big gains in September and October. The labor participation rate, which is of particular interest to the central bank, slipped to 65.9%, the lowest since October 2001. The Bank of Canada said last month the labor market still showed significant slack.”
“Disappointment in the headline figures was somewhat tempered by the fact that wages were higher, losses were skewed toward part-time work, and full-time figures were robust.”
“A rise in the USD/CAD is the combination of solid U.S. jobs report and weak Canadian figures. In our opinion the medium-term outlook for the USD/CAD is bullish and our trading strategy for this pair is to get long at 1.1810.”
Key Quotes
“Canada's job market shed 4.3k positions after a loss of 10.7k jobs in November, while the unemployment rate remained at 6.6%. The market had expected an increase of 15k jobs. The two months of declines followed big gains in September and October. The labor participation rate, which is of particular interest to the central bank, slipped to 65.9%, the lowest since October 2001. The Bank of Canada said last month the labor market still showed significant slack.”
“Disappointment in the headline figures was somewhat tempered by the fact that wages were higher, losses were skewed toward part-time work, and full-time figures were robust.”
“A rise in the USD/CAD is the combination of solid U.S. jobs report and weak Canadian figures. In our opinion the medium-term outlook for the USD/CAD is bullish and our trading strategy for this pair is to get long at 1.1810.”