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Bank of Canada in focus this week- check out the USD/CAD this morning

On Friday the combination of the beat on US jobs and miss on the Canadian jobs report over the same period was a double whammy for the Canadian dollar. So, as covered here at the time, the USD/CAD jumped back above the 1.36 handle. The US dollar then took out all the topside resistance levels that has been noted here copious times before. The rise above the final once of those (a Fibonacci correction level at 1.3623) did deliver an extension. The USD/CAD rose to 1.3647, but it could not hold the move. That was rather surprising and the slide that followed saw the US dollar fall back underneath 1.36 into the weekly close. The USD/CAD closed on Friday at 1.3590. It has traded a range so far today covered by 1.3584 to 1.3617. Later this week we have the latest monetary policy decision from the Bank of Canada. At 2.45pm GMT on April 10, the BOC is expected to keep the current 5% OCR on hold. However, in truth all the latest data from Canada has not been that good. So, whilst that is the consensus, it is not a done deal. There will be more to add on that, as this week unfolds. Meanwhile, the USD/CAD is currently trading at 1.3601

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