Canada gained 50.7K jobs in February, far above expectations. The unemployment rate remained at a low of 7%. Early expectations stood on a gain of 7.8K jobs after last month’s drop of 21.9K. The unemployment rate was expected to tick up from 7% to 7.1%.
USD/CAD fell under 1.03 towards the release and is now plunging towards 1.0250.
It’s important to note that the Canadian data is published at the same as the US Non-Farm Payrolls, so the price action is a reaction to both sides of the currency pair, on key figures.
The Canadian dollar is practically the only currency that gained against the US dollar after the Non-Farm Payrolls. The euro, yen, pound, Aussie, kiwi and even the Swiss franc are all falling.
Important lines are: 1.0440, 1.0360, 1.03, 1.0250, 1.02 and 1.01. For more lines, see the USD/CAD forecast.Get the 5 most predictable currency pairs