USD/CAD keeps the red near weekly lows, below mid-1.3900s post-US/Canadian jobs data

USD/CAD witnessed some follow-through selling for the second straight session on Friday.
Mixed Canadian/US monthly jobs data failed to provide any meaningful impetus to the pair.

Haresh Menghani FXStreet

The USD/CAD pair remained depressed and refreshed weekly lows, around the 1.3925 region in reaction to Canadian/US employment details.

Against the backdrop of a mildly positive tone surrounding oil prices, the commodity-linked currency loonie got an additional boost from Friday's slightly better-than-expected Canadian employment details. The report showed that Canada lost 1.99 million jobs in April as compared to 4 million expected and the unemployment rate jumped to 13% vs. 18% anticipated.

On the other hand, the US dollar failed to gain any respite following the release of the closely watched US monthly jobs report. The headline NFP print showed that the US economy shed 20.5 million jobs in April. Meanwhile, the unemployment rate surged to 14.7% and shattered the post-World War II record of 10.8% touched in November 1982.

Given that the market might have already started pricing in the possibility that the Fed might be forced to push interest rates below zero, the data did little to provide any meaningful impetus. Nevertheless, the pair maintained its offered tone for the second consecutive session and seems poised to extend the overnight sharp retracement slide from over two-week tops.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3936
Today Daily Change	-0.0037
Today Daily Change %	-0.26
Today daily open	1.3973

Trends
Daily SMA20	1.4042
Daily SMA50	1.3995
Daily SMA100	1.3578
Daily SMA200	1.3405

Levels
Previous Daily High	1.4173
Previous Daily Low	1.3953
Previous Weekly High	1.4117
Previous Weekly Low	1.385
Previous Monthly High	1.4299
Previous Monthly Low	1.385
Daily Fibonacci 38.2%	1.4037
Daily Fibonacci 61.8%	1.4089
Daily Pivot Point S1	1.3893
Daily Pivot Point S2	1.3813
Daily Pivot Point S3	1.3673
Daily Pivot Point R1	1.4113
Daily Pivot Point R2	1.4253
Daily Pivot Point R3	1.4333

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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