USD/CAD: Daily Technical Analysis for July 8, 2014

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The U.S Dollar gained strength over the Canadian dollar after  Ivey PMI slipped to its lowest level in 2o14. Ivey PMI has been steadily losing ground since February, and the downward trend continued in June. The index fell to 46.9 points, its lowest level since last December. The indicator came in below the 50-point level for a second straight month, indicating contraction.


Elsewhere, the US Non-Farm pay Rolls released last week Friday shows there is improvement in the US economy with more jobs being provided, coming in at 288 thousand new jobs crushing a forecast of 214 thousand. There was more good news from the Unemployment Rate, which continues to move downward. The indicator dipped to 6.1%, its lowest level since September 2008. The strong employment numbers are sure to increase speculation about an interest rate hike by the Federal Reserve, and remarks by Fed policymakers will be under the market microscope.


Intra-day bias remains towards the upside in the pair as a fresh cross of 21 and 55 EMA emanated on the 1-hour charts with SSRC and MACD oscillators in support. More demand to 1.07300 is expected.



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