USD/CAD spikes to fresh multi-week tops on softer Canadian jobs data
- The Canadian economy lost 1.8K jobs in October; unemployment rate holds steady.
- Weaker Crude Oil prices, softer employment details weighed heavily on the Loonie.
The USD/CAD pair maintained its bid tone through the early North-American session and spiked to fresh multi-month tops, further beyond the 1.3200 handle post-Canadian jobs report.
The pair added to its intraday gains and gained some follow-through traction after data released from Canada showed that the number of employed people unexpectedly declined by 1.8K in October as compared to 53.7K sharp rise recorded in the previous month.
Meanwhile, the unemployment rate held steady at 5.5% during the reported month. Against the backdrop of sliding Oil prices, now down 1.3% for the day, dismal headline figures exerted some additional pressure on the commodity-linked currency – Loonie.
On the other hand, a fresh leg of an upsurge in the US Treasury bond yields remained supportive of the prevalent bullish sentiment surrounding the US Dollar, which assisted the pair to finally push through the 100-day SMA barrier and climb further beyond the 1.3200 handle.
Technical levels to watch
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
