- US payrolls rise by 253,000 versus 179,000 forecast.
- The Canadian unemployment rate remains at 5%.
- USD/CAD is stable near 1.3500, at weekly lows.
He USD/CAD was relatively stable, trading near a weekly low near 1.3480 following the release of labor market data in Canada and the US. While US Non-Farm Payrolls (NFP) figures came in positive , these were balanced by an equally positive report from Canada.
Strength of labor markets
In April, the US economy added 253,000 jobs, exceeding the 179,000 forecast. In addition, the unemployment rate fell to 3.4%, below the 3.5% forecast. However, March payrolls were revised down to 165,000 from 236,000.
In Canada, the unemployment rate remained at 5%, slightly above the market consensus of 5.1%. The net change in employment was 41,400, exceeding the 20,000 forecast.
Following the NFP release, the US dollar appreciated against most currencies, but the Canadian dollar outperformed due to positive data from Canada.
USD/CAD initially rose as high as 1.3507 before turning lower and falling below 1.3490. The pair is currently trading near its lowest levels in two weeks, looking for support at 1.3475/80.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
