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USD/CAD dips to fresh lows post-NFP

FXStreet (Edinburgh) - The greenback is rapidly losing the grip, dragging USD/CAD to post fresh session lows in sub-1.1400 levels.

USD/CAD weaker by Payrolls

Disappointing results from the US labour market, with Payrolls at 216K in October, pushed spot to fresh troughs while the Canadian Employment Change came in at 43.1K vs. forecasts for a 5K drop. The unemployment rate in the US economy fell to 5.8% whereas it ticked lower to 6.5% in Canada, bettering consensus. “Technically, the short-term charts are the weakest link in the bullish picture overall for USDCAD at the moment; momentum has slowed and price signals are modestly negative on the hourly charts after the mid-week downturn in the USD… The overall uptrend looks solid while support in the upper 1.11s holds”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to consider

As of writing the pair is retreating 0.79% at 1.1335 with the next support at 1.1300 (psychological level). On the upside, the immediate resistance is at 1.1466 (high Nov.5) ahead of 1.1497 (day uptrend channel) and then 1.1500 (psychological level).

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The US Annual Average Hourly Earnings remained unchanged from September at 2% in October, the US Department of Labor reported today. On a monthly basis Average Hourly Earnings rose by 0.1%, after remaining flat and against forecasts of +0.2%.
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