USDCAD rises on jobless claims but halts at key resistance level
USDCAD surged approximately 0.25% (35 pips) to 1.4025 following stronger-than-expected US jobless claims data, with claims dropping to 191K versus the 220K forecast. This significant miss reinforced USD strength as it suggests a resilient US labor market, potentially supporting the Federal Reserve's hawkish stance. However, the pair's advance was capped at the 1.4030 resistance zone, which coincides with the 50-day moving average and previous November highs. Technical indicators show the pair remains in a consolidation phase between 1.3980 support and 1.4030 resistance. A decisive break above 1.4030 could open the path toward 1.4080, while failure to sustain current levels may see a retest of 1.3980. Traders should monitor upcoming Canadian GDP data and OPEC+ decisions, as oil price movements significantly impact CAD valuation.
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