- Loonie among the best performers of the American session on Friday.
- USD / CAD about to post the lowest weekly close since December 2019.
The USD / CAD it fell further and touched 1.3021, reaching the lowest level since 1 September. It remains close to the ground, under pressure and on its way to the lowest weekly close of the year.
The US dollar falls again on Friday, as the US elections remain open; however, Joe Biden is ready to hit the magic number of electoral votes at any moment. The gap between US President Donald Trump and Biden continues to widen in key states.
USD / CAD momentum points to the downside and could test the 1.3000 area which is the critical support. A daily close below 1.3000 would suggest more losses going forward with the first target seen at the 2020 low at 1.2950.
Employment reports
Employment data in the US showed an increase in payroll of 638,000. above the 580,000 expected. The key number was the decline in the unemployment rate to 6.9%, even as the labor participation rate increased.
In Canada, October employment data modestly disappointed expectations. “Employment was still running more than 600,000 below pre-shock October levels and the pace of job growth is clearly slowing. The 84,000 increase in employment in October was about a quarter of the average over the previous three months ”; RBC analysts said. Later, the Ivey Purchasing Manager index for October reached 54.5, up from the expected 51.5.
The figures did not affect markets that continue to focus on the US elections.
Credits: Forex Street
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