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Forex: EUR/CAD pares losses to 1.3142/43 after unemployment in Canada

FXstreet.com (Barcelona) - The EUR/CAD has experienced a robust bounce off the back end of Canadian economic data that was generally mixed. Previously, the cross was rapidly falling to the 1.3079 level (intraday low), before sharply turning higher and breaking into positive territory. With its losses subsequently pared, the EUR/CAD is now negotiating an exchange of 1.3142/43, experiencing a modest advance of +0.07%.

The Mataf.net technical analyst team highlights that the EUR/CAD will encounter its next short-term supports at 1.3084, followed by 1.3040, and 1.2982. Conversely, the pair is slated to face resistance at 1.3186, then 1.3244, and ultimately 1.3288.

In Canada, the Unemployment Rate (April) was reported at 7.2%, matching expectations of 7.2%. Moreover, the Net Change in Employment (April) yielded a figure of 12.5K, vs. a projection calling for 15.0K. Finally, the Participation rate (April) fell to 66.5%, against a consensus of 66.6%.

Forex: USD/CAD soars higher to 1.0122/25 after Canadian unemployment

The USD/CAD rebounded sharply off the 1.0065 level Friday, having recouped its immediate gains that were lost in the easing movement. During US trading and on the heels of the Canadian data release, the cross is now trading at session highs at 1.0122/25, up +0.54%.
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