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Canadian job numbers strong, hourly earnings disappoint

Posted on: February 10, 2017

Yesterday looked to be a fairly uneventful session, with USDCAD grinding lower until President Trump announced there would be detailed tax information coming out in the next couple of weeks. This had USDCAD pop higher to where it would ultimately close at 1.3145. In other news, the Banixco de Mexico hiked rates by 50 bps, as expected to try and help out the struggling Peso.

This morning Canadian employment numbers printed a strong headline number, adding 48.3k jobs compare to expectations of -10k, causing the unemployment rate to drop a tick to 6.8%. USDCAD broke 50 points lower on the print, testing the pivotal 1.3080 level. However a deeper dive into the numbers showed that a majority of the jobs added were part-time, and hourly earnings growth slowed to the lowest level since 2003. So to recap, a strong headline number but the details take some of the shine off.

The USD does remain stronger against most of the crosses this morning. For those watching USDCAD, again we find ourselves sitting near some key technical levels. Key support sits around 1.3080/90. A clear break below this support should see another run at the 1.3000 level, with topside resistance remaining strong above 1.3200. If your bias is for USD strength it may be prudent to sell some USD ahead of that resistance. If you need to purchase USD it is probably a good idea to place some protection above 1.3200 while continuing to look for better levels as we probe lower.

  • Yesterday’s NA Range 1.3095 – 1.3149
  • Asia Overnight Range 1.3121 – 1.3148
  • London Overnight Range 1.3071 – 1.3158


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