Canadian Dollar Needs A Stronger Push To Break Through The Buck (FXC)

Canada reported a larger than expected trade surplus earlier today. At C$0.8 bln, it was four times larger than expected and the December figures were revised to show a C$0.1 bln surplus instead of a C$0.2 bln deficit.

Canada also reported a strong rise in Q4 capacity utilization rate to 70.9% from a revised 68.7% in Q3 (previously estimated at 67.5%).

The unemployment rate is expected to have remained steady at 8.3%. It appears that Canadian unemployment may have peaked in the middle of Q3 09 at 8.7%. A strong employment figure is what Canadian Dollar (NYSE: FXC) bulls need to push the USD/CAD through support.