The April LFS was not as downbeat as widely feared but still showed the loss of 2m jobs during the month, nearly double the previous record from March, per TD Securities. USD/CAD barely budged.
“April job losses were less severe than expected with employment falling by 2m during the month, well short of estimates (TD/market) for a 4m pullback. This pushed the unemployment rate to 13.0% while hours worked fell by another 15% m/m.”
“While the jobs data was not as bad as feared, USDCAD's reaction has been fairly contained and will likely steady around the 1.39 lows.”
“USD/CAD remains a fade below the 1.40 mark. A close above 1.40 would put the 1.4080/4150 pivots back into view. On the downside 1.3920 and 1.3850 should be supports.”
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.