Forex: USD/CAD surges after disappointing Canada jobs data

The Canadian dollar weakened and fell to a 1-week low versus the greenback after data showed Canada's economy unexpectedly cut 21,900 jobs in January.

USD/CAD rose nearly 50 pips right after the data and touched its highest since January 31st at 1.0030. At time of writing, USD/CAD is quoting around 1.0025, recording 0.5% gain on the day.

As for technical levels, above the 1.0033 area, next resistances are seen at 1.0050 (high Jan 30) and 1.0200 (psychological level). On the downside, supports could be found at 0.9970 (100-hour SMA), 0.9950 (21-day SMA) and 0.9930 (low Feb 7).

Feb 8, 2013

Forex Flash: Japanese policy shakeup at BoJ stonewalled – Deutsche Bank

In Japan, “the PM's push for a new governor to lead a policy shake up at the BoJ has run into resistance from his own cabinet.” notes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank. A recent report suggests that members of Abe's government prefer former deputy BoJ governor Toshiro Muto, who advocates more asset purchases but has also warned that excessive financing of public debt could backfire through a rise in bond yields.

Forex: EUR/HUF extends its downside, around 291.30

The Hungarian forint is prolonging its appreciation against the single currency on Friday after the trade surplus in Hungary decreased to €192.3 million during December from €659.5 million in the previous...