Canada gained 21.6K jobs. It was expected to gain 12.3K jobs, similar to the gain of 13.2K gains in October. The unemployment rate was expected to stand at 6.9%, unchanged and that’ts what happened.
USD/CAD traded at around 1.0650 towards the release and it is on the rise afterwards. At the same time, the US also released its job figures, the Non-Farm Payrolls.
Job figures have been stable and positive in Canada of late, but this hasn’t always been the case: the nation experienced big gains followed by plunges and the other way around.
The Canadian dollar had a tough week, falling to 3 year lows against the US dollar. The loonie fell alongside its peer commodity currencies, but it was also hit by the Bank of Canada, which issued a warning about low inflation.
High resistance appears at 1.0780, and support at 1.06. For more levels, events and analysis, see the USD CAD forecast.