- Loonie gains momentum after Canadian employment data.
- USD / CAD falls for the second day in a row.
USD / CAD extended the slide following Canadian economic data and hit three-day lows at 1.2581. It is trading below 1.2600 at the start of the American session.
Data and oil
In the last hour, the loonie has been among the top performing coins, showing a moderate rise. The first boost came from the Canadian labor market data side, which showed no major surprises and job creation of 90,000.
The other impulse has to do with oil prices. The barrel of WTI rises 2.50% and it’s getting closer to $ 70.00. In addition, the bags are also green on Friday.
For its part, the dollar, although the euro, the Swiss franc and the yen have risen in the last hour, remains weak compared to emerging markets and those linked to commodities. Higher-than-expected August US wholesale inflation figures did not generate much noise in the market.
In the zone of 1.2580 the USD / CAD has an important support, which if it yields would enable lower ones, with a possible target at 1.2850. In the opposite direction, now at 1.2620 is the first major resistance, followed by 1.2665.
Technical levels
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