FXstreet.com (Barcelona) - After rallying around 200 pips since yesterday's American session from 1.0680 to post 1.0960 on the back of the worse than expected NFP data, USD/CAD has been rejected at intra-day high ease all of the previous gains and fall to test 1.0800/10 zone, MA200 hourly chart.
Currently the pair is trading around 1.0810/20, 0.15% below today's opening price action at 1.0410.
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.