- The pair keeps the 1.300 handle following Canadian jobs.
- Daily upside so far capped around 1.3040, attention to G-7.
- Canadian Employment dropped by 7.5K in May, jobless rate at 5.8%.
After a brief test of session highs at the 1.3040 region, USD/CAD has now eased some ground and is looking to stabilize around the 1.3000 handle.
USD/CAD stays bid post-data, looks to G-7
The pair keeps the bid tone intact today around the psychological 1.3000 milestone after Canadian Employment dropped by 7.5K jobs vs. forecasts for a 17.5K gain. Also disappointing expectations, the Participation Rate dropped to 65.3% in May and the unemployment rate stayed put at 5.8% during the same period.
Additionally, Capacity Utilization Rate came in at 86.1% and Housing Starts came in at 195.6K units, both readings also coming in below initial estimates.
Looking ahead, spot will closely follow the developments from the G-7 meeting that kicks in later today and has the ongoing trade conflicts in the centre of the debate.
USD/CAD significant levels
As of writing the index is up 0.32% at 1.3012 and a breakout of 1.3037 (high Jun.8) would open the door to 1.3049 (high May 29) and finally 1.3126 (2018 high Mar.19). On the other hand, the immediate support lines up at 1.2959 (10-day sma) seconded by 1.2898 (21-day sma) and then 1.2816 (low May 31).
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