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USD/CAD Cannot Push Lower Despite Good Canadian Employment Numbers

USD/CAD reacted with a drop after positive employment numbers were released: 28,400 jobs were gained. A rise of 14K was expected. This move was short-lived, as the tension mounts towards the US Non-Farm Payrolls. The Canadian unemployment rate remained at the low level of 7.4%, as expected.

USD/CAD dropped on the news down to 0.9560, and is now moving higher,. It bounced off 0.96 before the release.

Last month saw a nice drop in the unemployment rate: from 7.6% to 7.4%. This gave a boost to the Canadian dollar, especially as the employment change came out within expectations: a gain of 22.3K jobs.

USD/CAD was trading under the 0.96 resistance line before the release. Support is found at 0.9525, followed by 0.9450. Resistance is at 0.9667, followed by 0.9750.

For more on USD/CAD, see the Canadian dollar forecast.

The moves are somewhat limited, as the markets are awaiting all-important employment numbers from Canada’s neighbor to the south – the US.

Given these good Canadian numbers, the loonie will be able to weather the US figures quite well.

For all the details about this event, see the Non-Farm Payrolls preview.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.