The Canadian dollar plunged last week, losing over 200 points. USD/CAD closed the week at the 1.33 line. The upcoming week is a quiet one, with four events on the schedule. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
Updates:
The US dollar was broadly higher following the Non-Farm Payrolls report, which more than beat expectations, with 271K jobs gained and a 2.5% y/y gain in wages. This outstanding release points to a strong labor market, and certainly keeps the December rate hike option wide open. Canada also produced strong job numbers, but this wasn’t enough to hold back the dollar juggernaut.
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