- USD / CAD is still on track to close the second day in a row in bearish numbers.
- The unemployment rate in Canada fell to 7.5% in March.
- The US Dollar Index is holding on to small daily gains around 92.20.
After climbing above 1.2600 earlier in the day, the pair USD / CAD reversed its direction as upbeat Canadian labor market data gave the loonie a boost. At time of writing, the pair is trading at a fresh daily low of 1.2535, shedding 0.22%.
CAD capitalizes on impressive data
Monthly data released by Statistics Canada on Friday showed that the Unemployment Rate in March fell to its lowest level since the start of the pandemic at 7.5%, compared with an analyst estimate of 8%, from 8.2%. More details from the employment report revealed that employment increased by more than 300,000 during that period.
On the other hand, the US Dollar Index (DXY) was down from session highs as the 10-year US Treasury yield, which gained more than 4% earlier in the day, lost traction. Currently, the DXY is holding on to small daily gains at 92.20 and the 10-year US Treasury yield is up 2%.
The US Bureau of Labor Statistics reported earlier in the day that the Leading Producer Price Index (PPI) advanced to 3.1% annually in March. Although this reading exceeded the market expectation of 2.7%, it failed to trigger a notable market reaction.
Meanwhile, the West Texas Intermediate (WTI) barrel continues to move in a three-day horizontal channel below $ 60, without impacting the CAD market valuation ahead of the weekend.
Technical levels
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