FxWirePro: USD/CAD resumes downside after weak U.S. jobs data
The USD/CAD pair dipped on Friday as dollar bullish run against Canadian dollar took a hit after weaker-than-expected U.S. employment data. Nonfarm payrolls increased 138,000 last month as the manufacturing, government a…
The USD/CAD pair dipped on Friday as dollar bullish run against Canadian dollar took a hit after weaker-than-expected U.S. employment data.
Nonfarm payrolls increased 138,000 last month as the manufacturing, government and retail sectors lost jobs, the Labor Department said on Friday. The economy created 66,000 fewer jobs than previously reported in March and April.
Average hourly earnings rose 0.2 percent in May, following a similar gain in April, but unemployment rate fell to a 16-year low of 4.3 percent in the previous month.
Currently, the pair is trading at 1.3512 levels, it is set to decline further towards 1.3480 and later 1.3440 levels in the short term.
The immediate support can be seen at 1.3477, break below this level will expose the pair to next support level at 1.3433.
Major resistance can be seen at 1.3548, break above this level will expose it towards 1.3600 levels.
