USD/CAD extends reversal from above 1.3000 and eyes 1.2920
|- Loonie recovers strength after lower-than-expected Canadian jobs data.
- USD/CAD extends slide and turns negative for the week.
The USD/CAD pair dropped during the US session to the lowest level in two days. Near the end of the week was hovering around 1.2930, more than a hundred pips below the daily top.
Jobs data from Canada showed that during May employment dropped by 7.5K and the unemployment rate remained at 5.8% and the Capacity Utilization Rate came in at 86.1%. Another report showed that Housing Starts reached 195.6K units. Employment and housing data came in below estimates.
Despite the data, many analysts continue to see a high probability of rate hike from the Bank of Canada in the coming months. Those expectations supported the Loonie in the market.
After rising to test the 1.3040
USD/CAD significant levels
The pair is back into the range of the previous trading days. While to the upside, remains unable to hold above 1.3000, on the downside, 1.2900/1.2920 continues to offer support.
A slide under 1.2900 would expose the 20-day moving average that stands at 1.2890/95: a close below that line could clear the way to more losses.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.