USDCAD Gives Up 38 Pips After Nonfarm Payrolls
USDCAD trades 0.29% lower at 1.3191 making fresh monthly lows, after United States Nonfarm Payrolls came in at 130K below expectations of 158K in August, the Average Hourly Earnings (year over year) came in at 3.2% beating forecasts of 3.1% in August. United States Unemployment Rate matched forecasts of 3.7% in August, the Labor Force Participation Rate up to 63.2% in August from previous 63%. In Canada Unemployment Rate came in at 5.7% in line with forecasts for August. Net Change in Employment came in at 81.1K, topping forecasts of 15K in August.
USDCAD bearish momentum is intact and today the pair testing the support at 50-day moving average at 1.3190. Sellers looking for a close below that level that will attract more offers as will open the way for a move down to 1.31 round figure. Immediate resistance for the pair now stands at 1.3234 today’s high, and then at 1.3344 the high from September 4th.