USD/CAD up on economic data

The U.S. Dollar was higher against the Canadian Dollar on Friday after the release of Canadian data on Employment Change.

USD/CAD was trading at 0.9732, up 0.02% at time of writing.

The pair was likely to find support at 0.9713, today’s low, and resistance at 0.9821, Wednesday’s high.

Earlier in the day, official data showed that Canadian employment change rose more-than-expected to a seasonally adjusted 22.3K last month from 58.3K in the preceding month.

Analysts had expected Canadian employment change to rise 20.0K last month.

Meanwhile, the U.S. Dollar was up against the Euro and the British Pound, with EUR/USD shedding 0.30% to hit 1.4467 and GBP/USD falling 0.33% to hit 1.6311.

Major pairs narrow trading throughout the U.S session

The Union currency lost strength throughout the day after that the European Central Bank President; Jean-Claude Trichet, inflation forecasts for next year spurred fears within the currencies market and traders state of mind, however so far pairs are narrow trading within the U.S session due mainly to technical movements.

As a result of these technical movements the euro-dollar pair is narrow trading on several time charts as neutral signs are witnessed throughout the momentum indicators at different time scales with the Union currency now trading around 1.4527 recording a high of 1.4650 and a low of 1.4476.Trading range for today is among the major support 1.4235 and the major resistance 1.4545

As for the pound-dollar pair, is consolidating and is forecasted to start inclining to the upside according to the four-hour and one-hour stochastic oscillator, having in fact the royal pound so far trading around 1.6377 recording a high of 1.6465 and a low of 1.6357.Trading range for today is among the major support 1.6125 and the major resistance 1.6520

Now turning to the dollar-yen pair, it is actually consolidating on technical movements since that mixed signs are watched and seen throughout several time charts within the momentum indicators with the low-yielding yen now trading around 80.10 recording a high of 80.29 and a low of 79.89.The trading range for today is among the major support 79.00 and the major resistance 82.50.

USD/CAD hits fresh daily low as oil holds steady

The U.S. dollar was lower against its Canadian counterpart on Thursday, as crude oil, Canada’s largest export, remained supported and after official data showed that Canada unexpectedly posted a trade deficit in April.

USD/CAD hit 0.9768 during early U.S. trade, the daily low; the pair subsequently consolidated at 0.9770, shedding 0.23%.

The pair was likely to find support at 0.9736, Wednesday’s low and resistance at 0.9851, the high of June 3 and a two-month high.

Crude oil for delivery in July was up 0.20% on the New York Mercantile Exchange, to trade at USD101.28 a barrel, after peaking at USD101.85 earlier in the day.

Raw materials, including oil account for about half of Canada’s export revenue.

Earlier in the day, Statistics Canada reported that the country’s trade deficit widened from CAD417 million in March to CAD924 million in April, the widest in six months. The agency said merchandise exports decreased 1.9% in April while imports fell 0.6%.

Meanwhile, the U.S. Commerce Department said the trade deficit declined 6.7% to USD43.68 billion in April, from a downwardly revised USD46.82 billion the month before. The March trade gap was originally reported as USD48.18 billion.

The Canadian dollar was also higher against the euro, with EUR/CAD shedding 0.75% to hit 1.4174.

Also Thursday, the U.S. Department of Labor said that U.S. initial unemployment claims increased by 1,000 to a seasonally adjusted 427,000 in the week ended June 4. The prior week's figure was revised to 426,000 from an originally reported 422,000.

Analysts had expected claims to fall to 423,000 last week.

NZD/USD rises after RBNZ signals that rates will increase

The New Zealand dollar rose against its U.S. counterpart on Thursday, after the Reserve Bank of New Zealand left its official cash rate unchanged but indicated that rates will need to rise over the next two years to curb inflation.

NZD/USD clawed back up from a daily low of 0.8142 to hit 0.8204, during late Asian trade, gaining 0.68%.

The pair was likely to find support at 0.8071, the low of June 3 and resistance at 0.8262, the high of May 31 and the pair’s highest since exchange rate controls ended in 1985.

“As gross domestic product growth picks up, underlying inflation is expected to rise,” RBNZ Governor Alan Bollard said after leaving the benchmark interest rate at 2.5%. “A gradual increase in the official cash rate over the next two years will be required to offset this.”

Governor Bollard also said he expected the New Zealand dollar would gradually decline from its current record level.

Forex Signal - GBP/JPY up during the Asian session

The British Pound was higher against the Japanese Yen on Thursday after the release of Japanese data on GDP.

GBP/JPY was trading at 131.28, up 0.18% at time of writing.

The pair was likely to find support at 130.50, Wednesday’s low, and resistance at 132.30, Monday’s high.

Earlier in the day, official data showed that Japanese gross domestic product fell more-than-expected to a seasonally adjusted -0.9% in the last quarter from -0.9% in the preceding quarter.

Analysts had expected Japan’s GDP to fall -0.8% in the last quarter.

Meanwhile, the British Pound was down against the U.S. Dollar and the Euro, with GBP/USD shedding 0.01% to hit 1.6402 and EUR/GBP rising 0.17% to hit 0.8905.

Forex Signal - NZD/USD down during the U.S. session

The New Zealand Dollar was lower against the U.S. Dollar on Wednesday.

NZD/USD was trading at 0.8165, down 0.50% at time of writing.

The pair was likely to find support at 0.8074, Friday’s low, and resistance at 0.8232, Tuesday’s high.

Meanwhile, the New Zealand Dollar was up against the Australian Dollar and the Euro, with AUD/NZD shedding 0.35% to hit 1.3017 and EUR/NZD falling 0.18% to hit 1.7871.

Forex Signal -GBP/USD down in U.S. trade

The British Pound was lower against the U.S. Dollar on Wednesday.

GBP/USD was trading at 1.6404, down 0.25% at time of writing.

The pair was likely to find support at 1.6287, Friday’s low, and resistance at 1.6473, Tuesday’s high.

Meanwhile, the British Pound was up against the Euro and down against the Japanese Yen, with EUR/GBP shedding 0.36% to hit 0.8902 and GBP/JPY falling 0.53% to hit 131.03.