AUDUSD  1.077 +0.57%

The Australian dollar bounced on optimistic US employment data, helping to penetrate resistance at at 1.0750 against the US dollar.  However, as we head into afternoon trade, the major currency looks a bit weaker – only able to reach a session high of 1.0778.  As a result, we anticipate a short term correction back to at least the pivotal 1.0750 figure, before further consolidation can be expected.

USDCHF  0.9198 +0.37%

Finding grounded support at 0.9125, the greenback has soared against the Swiss franc, a currency typically held for times of distress.  However, with the day’s risk appetite relatively healthy, we are seeing US dollar buyers against the Swiss currency – now trading at just below the key 0.9200 figure.  Should the exchange rate rise to above the 0.9200, we anticipate a retest of the 0.9228 high set back earlier in midweek action, for the short term.  Technical indicators are supportively pointing towards further upward momentum in the currency pair.

EURCAD 1.3046 -0.60%

Oil gains and further angst over the European Union are helping the Canadian dollar overcome it’s relatively weaker economic data, propelling it over the Euro ahead of the weekend.  The push is allowing the pair to take top billing for the movers on the day.  But, the party may be over as the price action is portending towards consolidation ahead of the 1.3025 support figure.  Technical indicators are pointing to exhaustion in the current trend, which could set the pair up for a correction – to targeted resistance at 1.3050.  A full completed correction could take the pair to as high as 1.3175.