USD/CAD (current price: 1.3250)
The Canadian Dollar was pushed higher by several important economic releases on Friday. The Canadian Employment Report was much better than expected, as payrolls grew by 57,200 in December. The Trade Balance was also very positive in the same period, with a reading of 0.5 billion, compared to the consensus estimate of -1.6 billion. The Ivey PMI was also well above the expected 56 reading, coming in at 60.8. The mixed U.S. numbers balanced the picture, but the pair closed the session close to the opening rate, despite the broad Dollar rally.
Our assessment: The pair still trades inside the long-standing trading range between 1.2850 and 1.3550. The short-term trend is slightly negative with resistance near 1.3365 and support at 1.3175.
