USD/CAD sinks to 1.3250 on NFP

Pablo Piovano FXStreet

The Canadian dollar picked up further pace vs. the buck today, sending USD/CAD to the area of fresh lows in the mid-1.3200s.

USD/CAD in 2-month lows post-US, CAD data

The pair met a wave of selling pressure after US Non-farm Payrolls showed the US economy has added 178K jobs during November, a tad above the 175K initially estimated, while the unemployment rate ticked lower to 4.6% vs. 4.9% forecasted.

On the not-so-bright side, Average Hourly Earnings, a measure of wage inflation, has unexpectedly contracted 0.1% inter-month.

Back to Canada, auspicious readings from the labour market saw the Employment Change up by more than 10K vs. an expected drop of 20K, while Labor Productivity rose 1.2% inter-quarter during the July-September period and the jobless rate dropped to 6.8%.

USD/CAD significant levels

As of writing the pair is retreating 0.23% at 1.3286 and a breach of 1.3256 (low Dec.2) would open the door to 1.3185 (100-day sma) and finally 1.3066 (200-day sma). On the other hand, the next hurdle aligns at 1.3440 (20-day sma) followed by 1.3542 (high Nov.28) and then 1.3566 (high Nov.18).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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