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).

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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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