During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
USD/CAD is down by more than 80 pips on better-than-expected jobs data
Besides the trade optimism, the jobs data supported the Canadian dollar today. The level of employment change advanced by 53.7 thousand jobs (vs. the 11.2 thousand expected), while the unemployment rate fell to 5.5% (vs. the forecast of 5.7%).
Positive figures pulled the USD/CAD lower. The pair has fallen below the 200-period SMA and tested the support at 1.3206. The next support for the pair lies at 1.3197. In case of a breakout, sellers will pay attention to the 1.3176 level. From the upside, the first resistance level will lie at 1.3229. After that, it is recommended to pay attention to the resistance at 1.3247.
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The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.