USD/CAD Breaks Below 1.30 on Payrolls

USD/CAD Breaks Below 1.30 on Payrolls

3 June 2016, 14:56
Roberto Jacobs
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USD/CAD Breaks Below 1.30 on Payrolls

The greenback slumped to levels below the 1.30 handle vs. its Canadian peer today, with USD/CAD visiting lows in the 1.2990 area.

USD/CAD much weaker on NFP

The pair has quickly breached the psychological support at 1.3000 following miserable figures from today’s Non-farm Payrolls, showing the US economy added only 38K jobs during last month vs. 164K initially estimated.

On the Canadian side, the trade deficit widened to nearly $3 billion in April, with both exports and imports ticking higher.

Later in the session, US Factory Orders, Markit’s Services PMI and ISM Non-manufacturing are due along with the speech by FOMC’s Brainard.

USD/CAD significant levels

As of writing the pair is losing 0.81% at 1.1292 facing the next support at 1.2931 (55-day sma) seconded by 1.2907 (low May 26) and then 1.2768 (low May 12). On the flip side, a surpass of 1.3191 (high May 24) would aim for 1.3292 (100-day sma) and finally 1.3312 (38.2% Fibo of 1.4692-1.2458).

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