USD/CAD had a tight range for the Thursday session as traders await the employment numbers out of both countries today. The two economies are interconnected in major ways, and as a result the pair can be tricky on a Non-Farm Payroll Friday. The better the numbers are for the announcement, the more likely it is that the pair will fall as the US is Canada’s #1 export market by a long shot. Inversely, if their biggest customer isn’t producing jobs, they won’t be buying anything – and therefore the demand for the Loonie will fall. Because of this, the pair can be very tricky on these days. Seeing that there is massive support going down to 0.9750 in this market, the only trade that might work is to buy, and that needs a bad number in order for it to work.
Written by FX Empire