Forex: USD/CAD bumping along the 100-day SMA support line

FXstreet.com (London) - Ahead of the Friday unemployment rate, The Loonie continues to be supported above parity bumping along the 100-day SMA support line in a rising trend as the Jan 28 close of 1.0006 marked by 23.6% fib retracement.

On the upside, resistance lines up at 1.0130 (daily high) and 1.0180 (21-day SMA).

Worth noting there is an Option which expires: USD/CAD: 1.0350

Without there being much news around the CAD, markets are eager to see what new leadership may bring to the BoC policy. The word on the street certainly appear that Mr Stephen Poloz risks being a little more dovish as a replacement for Boc Goveneor Carney, with a bias to support exporters, he may enter accompanying other central banks in their current easing mode.

The market may wish to push higher towards 1.0175/25 from here, buying and supporting the Loonie on dips.