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USD/CAD cuts weekly gains after jobs data

FXStreet (Córdoba) - The Canadian dollar rose more than a hundred pips against its US counterpart following the release of employment figures in both countries.

While US nonfarm payrolls came slightly below expectations (214K vs 231K expected), Canada added 43,100 jobs in October and the unemployment rate hit a nearly 6-year low of 6.5%.

USD/CAD fell sharply and hit a 4-day low of 1.1329 before finding support. However, with the subsequent bounce capped by the 1.1370 area, the pair was confined to a consolidation phase over the last hours. At time of writing, USD/CAD 1.1340, recording a 0.71% drop on Friday.

Despite today’s pullback, USD/CAD remains on track to post its second weekly gain in a row, having hit a 5-year high of 1.1466 on Tuesday.

EUR/USD rises back above 1.2400

EUR/USD bounced from fresh 2014 lows and rose back above 1.2400. The pair was testing daily highs around 1.2440, trading at 1.2425/30, holding some bullish momentum.
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