The USD/CAD pair declined sharply on Friday after stronger-than-expected Canadian jobs data boosted chances of an interest rate increase by the Bank of Canada as soon as next week. Canada's economy added 45,300 jobs last…
The USD/CAD pair declined sharply on Friday after stronger-than-expected Canadian jobs data boosted chances of an interest rate increase by the Bank of Canada as soon as next week.
Canada's economy added 45,300 jobs last month, topping the 10,000 gain forecast by economists. The unemployment rate dipped to 6.5 percent, even as more people were looking for work.
Gains for the loonie came even as prices of oil, one of Canada's major exports, fell. Oil prices fell more than 2 percent on Friday after data showed U.S. production rose last week just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply.
The currency pair is trading around 1.2895 levels ,it is set to decline towards 1.2860 and 1.2800 in the short term.
To the upside, the strong resistance can be seen at 1.2951, a break above will take the pair towards next resistance level at 1.2995.
To the downside immediate support can be seen at 1.2859 levels, a break below will open the door towards next level at 1.2800.
