USD/CAD drops to lows on Payrolls

FXStreet (Edinburgh) - The USD's decline is now gathering traction vs. the Canadian dollar, sending USD/CAD to print fresh daily troughs.

USD/CAD hurt by NFP results

Spot is quickly losing ground following the US Payrolls during January, coming in at 126K vs. 244K forecasted and 264K previous (revised from 295K). In addition, the jobless rate stayed intact at 5.5%, in line with market consensus.

USD/CAD relevant levels

At the moment the pair is down 0.59% at 1.2484 and a breakdown of 1.2468 (low Mar.27) would expose 1.2400 (psychological level). On the upside, the initial barrier lies at 1.2653 (low Mar.31) followed by 1.2711 (high Apr.1) and finally 1.2724 (high Mar.20).

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