USD/CAD: 1.0006 threatened pre-Wen, 0.9950 expiry today

USD/CAD scaled an intra-day peak a couple of pips shy of 1.0006 (yesterday’s North American session high) ahead of Reuters-reported comments from Chinese Premier Wen Jiabao re: the EFSF/ESM, with 0.9980 marking the subsequent knee-jerk pullback low (0.9983 was today’s Asian session high). Bids are tipped ahead of 0.9950, inclusive of interest at 0.9965 (yesterday’s three-month low). There is a 0.9950 option expiry for today’s 10am ET NY cut (15:00GMT). 0.9961 is the 200-day moving average. A break through 1.0012 (Monday’s low) could spur some short-covering, with 1.0050 among resistance levels beyond (1.0049 was yesterday’s high). WTI oil is currently trading circa $96.95 per barrel, 0.7% lower on the day.

US weekly jobless claims will be revealed at 8.30am ET, alongside US Q4 productivity and unit labor costs US Economic Calendar . Canada’s Jan labour force survey will be released at 7am ET tomorrow (Friday), with Jan’s US employment report ensuing 90 minutes later.


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