Forex: USD/CAD trading positively at 1.0136/37

FXstreet.com (Barcelona) - The USD/CAD has edged higher during European trading, recovering off it lows of 1.0122 Friday. Having moved into positive territory recently, the pair now is clinging to narrow gains of +0.10% ahead of several economic indicators later this afternoon, whilst settling at 1.0136/37.

According to the ICN.com analyst team, “Prolonged stability below the 1.0140 level might extend the bearish move, reaching 1.0015 levels towards the minor support at 1.0075.”

Mataf.net analysts point to supports at 1.0162, onto the 1.0196 handle, and finally 1.0225. On the decline, a break below the 1.0099 level will initiate resistance at 1.0070 and 1.0036.

Later today at 12:30 GMT, investors will be briefed with several Canadian economic indicators as well as a tranche of US data, including the anticipated Nonfarm payrolls data.

Apr 5, 2013

European markets down on EMU GDP, US futures pressured ahead of US NFP

The German DAX 30 (-1.90%), the French CAC 40 (-1.50%), the Italian FTSE MIB (-0.26%) and the Spanish IBEX 35 (-0.88%) are down on Friday after the release of the first reading for GDP Q1 2013, coming at -0.6%. EMU retail sales contracted by -0.3% in February, more than the -0.2% expected and after a +1.2% rise in the previous month. The annualized figure rebounded from -1.9% (revised from -1.3%) to -1.4%, while market consensus was pointing to -1.8%. German Factory orders came in at +2.3% (MoM) and 0.0% (YoY) from -1.6% and -2.1%, respectively, surprising investors that were expecting +1.2% and -1.5%. The ECB announced LTRO repayments of €8.064bn from 20 banks, with the amount split roughly evenly between the first and second LTROs.

Forex: EUR/USD still down ahead of US nonfarm payrolls

The EUR/USD remains more biased to the downside in correction to yesterday’s rally to 1.2949 high. This European morning’s upside was capped at 1.2939 and profit taking has brought it down to 1.2920 (-0.12% on the day). The economic calendar has released interesting indicators but the main focus of the day is due at 12:30 GMT, US nonfarm payrolls.