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

USD/CAD

Overview
Today last price 1.3203
Today Daily Change 0.0025
Today Daily Change % 0.19
Today daily open 1.3178
 
Trends
Daily SMA20 1.3138
Daily SMA50 1.3213
Daily SMA100 1.3196
Daily SMA200 1.3275
 
Levels
Previous Daily High 1.32
Previous Daily Low 1.316
Previous Weekly High 1.3209
Previous Weekly Low 1.3042
Previous Monthly High 1.3349
Previous Monthly Low 1.3042
Daily Fibonacci 38.2% 1.3175
Daily Fibonacci 61.8% 1.3184
Daily Pivot Point S1 1.3158
Daily Pivot Point S2 1.3139
Daily Pivot Point S3 1.3118
Daily Pivot Point R1 1.3198
Daily Pivot Point R2 1.3219
Daily Pivot Point R3 1.3238

 

 

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