Canadian Dollar climbs to highest level since July 31 against US Dollar. USD/CAD about to post first weekly decline since early July after reversing from two-month highs. The USD/CAD dropped sharply following the release of the employment reports from Canada and the US. After a brief pause it resumed the decline and recently printed a fresh five-week low at 1.3157. Date weight on USD/CAD The US August jobs report showed the economy added 130K jobs, below the 158K expected and also lower than the 159K July reading. Wages rose more than expected and the unemployment rate remains at 3.7% despite an increase in the labor force. In Canada, the economy created 81.1K jobs, well above expectations, having the second-best month since 2010. “The August employment report was well above expectations following a temporary lull in July and June. We take comfort that despite current global uncertainties, hiring from corporations has not been negatively impacted for now“, explained Matthieu Arseneau, analysts at National Bank of Canada. Another positive factor for the Loonie during the American session has been a rebound in crude oil prices. Earlier the WTI barrel bottomed at $54.80 and now is back near $56.00. The positive tone toward risk appetite is also supporting the downside in USD/CAD on Friday. Levels to watch The pair has dropped below July lows and the next strong support might be located at 1.3140/45 and then 1.3110. A close around current levels would point to further losses. If the US Dollar manages to recover on top of 1.3200 the bearish pressure could eased. Above the next resistance levels might be located at 1.3280 (20-day moving average) and 1.3320. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Canada: Employment bounced back strongly in August – NFB FX Street 4 years Canadian Dollar climbs to highest level since July 31 against US Dollar. USD/CAD about to post first weekly decline since early July after reversing from two-month highs. The USD/CAD dropped sharply following the release of the employment reports from Canada and the US. After a brief pause it resumed the decline and recently printed a fresh five-week low at 1.3157. Date weight on USD/CAD The US August jobs report showed the economy added 130K jobs, below the 158K expected and also lower than the 159K July reading. Wages rose more than expected and the unemployment rate… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
