• USD/CAD strengthen on Friday as the Canadian dollar weakened as investors digested Canadian dollar labor data.
• Canada's unemployment rate remained at 6.6% in February, with job gains showing only a slight increase, according to data released on Friday.
• Statistics Canada reported a net gain of just 1,100 jobs in February, a stark slowdown compared to January’s 76,000 surge and the cumulative 211,000 jobs added between November and January..
• According to Statistics Canada, the participation rate dropped to 65.3% in February, marking its first decline since September 2024, as fewer people were employed or actively seeking work..
• Statistics Canada reported that the average hourly wage growth for permanent employees accelerated to an annual rate of 4.0% in February, up from 3.7% in January..
•At GMT 18:25, the pair was trading up 0.70 percent at 1.4396
• Immediate resistance is located at 1.4430(50%fib), any close above will push the pair towards 1.4566(38.2%fib).
• Support is seen at 1.4289(61.8%fib) and break below could take the pair towards 1.4301(Feb 24th low).
Recommendation: Be on sidelines
