USD/CAD: Daily Technical Analysis For April 13, 2015

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Fundamental Analysis:

The Canadian dollar gained strength against the broadly strong greenback on Friday, boosted by small gains in oil prices and an unexpectedly strong domestic jobs report.

The Canadian dollar moved higher after Statistics Canada reported that the economy added 28,700 jobs in March. Economists had expected the employment level to remain unchanged. The unemployment rate was steady at 6.8%, in line with the consensus forecast.

The loonie was also boosted as oil prices rose on easing concerns that a nuclear deal with Iran would result in a ramp-up of Iranian crude exports into an already amply supplied market.


Technical Analysis:

Initial bias remains on the downside after price engulfed to form a resistance at 1.2665 on the 30mins time-frame. SSRC oscillator also supports the bearish case in the pair and am expecting more fall to 1.2526 demand zones which also appears to be intra-day support 1. A bounce off from this zone or support would resume the current bullish trend to 1.2665 in the medium term picture and a break of this resistance would trigger strong bullish trend continuation.

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