Niall O Connor: The currency may gain to C$1.0645 per U.S. dollar , a level last seen on Jan. 6, if it strengthens past the boundary of a support zone at C$1.0906, said Niall O Connor , a technical analyst in New York at JPMorgan. It entered the zone April 4 by appreciating beyond C$1.0985 after Canada reported employers added 42,900 jobs in March, versus a forecast of 22,500 in a economist survey. The zone includes the February strong point of C$1.0911, according to Bloomberg. The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, gained 0.1 percent to C$1.0971 per U.S. dollar at 12:14 p.m. in Toronto. It closed April 4 at C$1.0981 after reaching C$1.0957, the strongest since March 6 and Canadas dollar is poised to advance to the strongest in three months after the country created nearly twice as many jobs as forecast in March, according to technical analysis by JPMorgan Chase a Co. If you break the low end of that range, then theres a shift, O Connor, who wrote a client note on the subject today, said by phone from New York. Short-term, if you do break those levels, its enough to suggest CAD has room to extend.
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