FXstreet.com (Barcelona) - The Greenback is enjoying the actual market situation against the Canadian Dollar, with the USD/CAD rising around 200 pips since yesterday's American session from 1.0680 to post 1.0960 after the worst than expected NFP data. Currently the pair is trading around 1.0880/90, 0.50% above today's opening price at 1.0835.
Nick Nasad, currency market analyst with CMS Forex, comments in the FXstreet.com NFP live coverage: Its a similar story for the USD/CAD from AUD/USD, which has given up its gains after oil rallied strongly mid-week. The Canadian economy is not in the same place as Australia and its exports are more dependent on the health of the US economy than say China for Australia. The USD/CAD has been trading mainly sideways since hitting a low at 1.06. That looks like a place of buying pressure, while there is strong resistance at 1.11. There could be some range trading to be done in between those levels.