- USD / CAD gained traction in the early hours of the US session.
- Employment in Canada rose less than expected in July.
- Upbeat US Non-Farm Payrolls Data Provide USD Boost.
The pair USD / CAD it broke its tight daily trading range and spiked to a session high of 1.2541 in the early hours of the US session. At time of writing, the pair was up 0.16% on the day at 1.2527.
USD Capitalizes on Impressive NFP Report
Data released by the US Bureau of Labor Statistics revealed on Friday that non-farm payrolls (NFPs) increased by 943,000 in July, beating the market’s expectation of 870,000. Additionally, the unemployment rate fell to 5.4% from 5.9% and the June NFP increase was revised to 938,000 from 850,000. Following the upbeat employment report, the US Dollar Index rose 0.4% on the day to 92.61.
On the other hand, Statistics Canada reported that the unemployment rate in Canada fell to 7.5% in July from 7.8%. However, the 94,000 Net Employment Change and analysts’ estimate of 177,500 by a wide margin made it difficult for the CAD to remain resilient against its rivals.
Later in the session, data from Canada’s Ivey Purchasing Managers Index will be analyzed for fresh momentum.
Technical levels
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
