USD/CAD plummets below 1.28 handle on upbeat Canadian data
• Canadian economic growth stood at 0.2% m-o-m in Sept. and 1.7% q-o-q.
• A big beat on employment figures lifts CAD sharply higher.
• US ISM PMI eyed for some immediate respite for bulls.
The USD/CAD pair came under some intense selling pressure during the early NA session and tumbled below the 1.2800 handle post-Canadian releases.
The pair retreated over 100-pips following the release of better-than-expected Canadian monthly GDP print and employment details. Canadian economy registered a 0.2% growth in September and the overall third-quarter GDP growth stood at 1.7%.
The Canadian Dollar got an additional boost from the latest jobs report, showing that the number of employed people jumped to by 79.5K in November and the unemployment rate dropped to 5.9% during the reported period.
Meanwhile, the prevalent positive trading sentiment around oil markets, with WTI crude oil gaining around 0.7%, remained supportive of the strong bid tone surrounding the commodity-linked currency - Loonie.
With the post-data slump, the pair reversed majority of its gains posted in the previous three trading session and now look forward to the US ISM PMI and Fedspeaks for some fresh impetus.