USD/CAD tumbles to lows near 1.3430 post-NFP

The Canadian Dollar is posting moderate gains vs. its American peer on Friday, now dragging USD/CAD to fresh daily lows in the 1.3440/30 band.

USD/CAD weaker post-data

The pair met a bout of selling pressure after Canadian labour market figures surprised to the upside today, showing the Employment Change rose by 15.3K (vs. 2.5K exp.) and the jobless rate came down to 6.6% from 6.8%.

USD-sellers have also stepped in despite US Non-farm Payrolls showed the economy created more jobs than initially estimated, 235K vs. 190K forecasted and a tad lower from January’s 238k (revised from 227K). Furthermore, the unemployment rate ticked lower to 4.7% from 4.8%.

However, the initial optimism has rapidly faded after key Average Hourly Earnings rose less than consensus, up 0.2% MoM vs. 0.3% expected, adding to the selling mood around the buck.

USD/CAD significant levels

As of writing the pair is losing 0.58% at 1.3432 facing the next support at 1.3395 (low Mar.8) followed by 1.3369 (low Mar.6) and then 1.3298 (100-day sma).  On the other hand, a break above 1.3536 (2017 high Mar.9) would aim for 1.3601 (high Dec.28 2016) and finally 1.3861 (high Feb.24 2016).