USD / CAD Falls to New Multi-Year Lows Following US / Canada Employment Details

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  • USD / CAD witnessed some selling after the release of the US and Canadian jobs report.
  • The US economy added 245,000 new jobs in November and the unemployment rate fell to 6.7%.
  • Stronger Canadian employment details supported the loonie and contributed to the selling bias.

The pair USD / CAD it broke its intraday consolidated trading range and fell to the 1.2825-20 region, or the lowest level since October 2018 in the last hour.

The latest leg of a sudden drop during the early North American session followed the release of the monthly US and Canadian jobs report. In fact, the head of the NFP showed that the US economy added 245,000 new jobs in November, down from the previous 638,000 and worse than the 469,000 anticipated.

The disappointing reading, to some extent, was offset by a drop in the unemployment rate, which fell to 6.7% from the expected 6.8% and 6.9% in October. The data did little to give respite to dollar bulls, which remained depressed near their 2-1 / 2-year lows.

On the other hand, the details of Canadian monthly employment were better than expected and showed that the economy created 62 thousand new jobs in November. Added to this, the unemployment rate unexpectedly fell to 8.5% during the reported month, from 8.9% in the previous month.

This is due to the recent bullish streak in crude oil prices, which provided an additional boost to the commodity-linked Canadian dollar. This, in turn, put further downward pressure on the USD / CAD pair and could have set the stage for an extension of the downtrend.

Technical levels

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