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USDCAD Technical Analysis 8-Jan-2015

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January 08, 2016 12:01 AM EST – After a test of the 1.4060 area in overnight trading, USD/CAD has regained the upside mood and is now looking to stab the key 1.4100 handle.

The pair has returned to the positive territory so far, hovering over 1.4100 the figure after hitting levels last seen over a decade ago on Thursday in the 1.4170/75 band following another deep pullback in crude oil prices.

Ahead in the session, US Non-farm Payrolls and key Canadian labour market figures will be in the limelight. Prior surveys see the US economy adding 200k jobs in December, while the Employment in Canada is expected to have increase by 10K during the same period.

At the moment the pair is up 0.07% at 1.4107 facing the next resistance levels at 1.4166 (high Aug.22 2003) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003). On the downside, a breach of 1.3628 (3-month uptrend) would target 1.3530 (55-day sma) and then 1.3373 (100-day sma).

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