USD/CAD plummets to lows, around 1.3030 post-US/Canadian jobs reports

Dismal US NFP exerted some pressure on the USD.
Upbeat Canadian jobs report added to the selling bias.

Haresh Menghani FXStreet

The USD/CAD pair fell around 40-pips, hitting fresh session lows at the 1.3030 zone in reaction to dismal US NFP/upbeat Canadian employment details.

According to the data released this Friday, the headline NFP came in to show that the US economy added 145K new jobs in December. The reading was softer than the previous month's downwardly revised 256K and worse than consensus estimates pointing to a reading of 164K.

Adding to this, the average hourly earnings also fell short of market expectations. The disappointment was evident from a weaker tone around the US Treasury bond yields, which eventually turned out to be one of the key factors that exerted some pressure on the US dollar.

Conversely, the Canadian jobs report showed that the number of employed people increased by 35.2K in December as compared to an increase by 25K expected and the previous month’s awful fall of 71.2K. The data, to some extent, helped offset a subdued action around crude oil prices and offered some support to the commodity-linked currency – the loonie.

The pair extended previous session’s rejection slide from the 1.3100 handle and for now, seems to have snapped three consecutive days of winning streak. USD/CAD was last trading at the 1.3040 area, 0.12% below its opening price.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3063
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.3068

Trends
Daily SMA20	1.3083
Daily SMA50	1.3174
Daily SMA100	1.32
Daily SMA200	1.3249

Levels
Previous Daily High	1.3106
Previous Daily Low	1.3026
Previous Weekly High	1.3085
Previous Weekly Low	1.2943
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.3075
Daily Fibonacci 61.8%	1.3056
Daily Pivot Point S1	1.3027
Daily Pivot Point S2	1.2986
Daily Pivot Point S3	1.2947
Daily Pivot Point R1	1.3107
Daily Pivot Point R2	1.3146
Daily Pivot Point R3	1.3187

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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