A bout of selling pressure is now hitting the Canadian dollar, allowing USD/CAD to retake the 1.3300 handle and beyond.
USD/CAD bid post-data
Spot recovered part of the ground lost in early trade after Canadian labour market figures have come in short of expectations, showing the employment has decreased by 2.3K vs. a forecasted raise of 9.0K. In the same direction, the jobless rate has ticked higher to 7.3% during February, up from January’s 7.2%.
In the meantime, the recovery in crude oil prices remains so far unabated, pushing the barrel of West Texas Intermediate to the vicinity of the $39.00 mark and thus lending extra support to CAD.
USD/CAD significant levels
As of writing the pair is retreating 0.32% at 1.3301 and a break below 1.3224 (2016 low Mar.9) would open the door to 1.3034 (low Nov.3 2015) and finally 1.3000 (psychological level). On the other hand, the immediate resistance aligns at 1.3447 (high Mar.9) followed by 1.3538 (20-day sma) and then 1.3682 (100-day sma).
(Market News Provided by FXstreet)