The USD/CAD pair did very little during the session on Thursday as we await the nonfarm payroll numbers later today. This pair tends to be very volatile during that announcement, so it’s not very difficult to imagine that a lot of traders simply would’ve wanted to stay out of the market Erin the session. That being said, we believe that there is significant resistance of the 1.04 handle, so the only way we think we get above there is if the jobs number comes out much stronger than anticipated. On the other hand, if we find the jobs number to be very weak, we could head back down towards the 1.02 handle. Either way, expect a lot of choppiness.
Written by FX Empire