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USD/CAD soars after US and Canada jobs data

FXStreet (Córdoba) - The USD/CAD soared to fresh highs after the latest string of nonfarm payrolls data showed the US created more jobs than expected in February, while Canada missed expectations.

While the US added 175,000 new jobs in February versus 149,000 expected, Canada shed 7,000 against a 15,000 gain expected. The USD/CAD rose more than 100 pips after the data and reached a high of 1.1080, erasing previous weekly losses in a matter of minutes.

USD/CAD technical levels


At time of writing, the USD/CAD is trading at the 1.1075 zone, recording a 0.8% gain on the day, with next resistances lining up at 1.1100 (psychological level) and 1.1117 (Mar 4 high). On the other hand, supports could now be faced at 1.1045 (20-day SMA) and 1.0975 (Mar 7 low).

Canada: Employment decreases by 7K in February, against forecasts

Net employment in Canada fell by 7K in February, following the 29.4K rise registered the previous month, Statistics Canada reported today. Consensus pointed to a 15K increase.
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GBP/USD declines below 1.6750 after Non farm payrolls

The Sterling is trading down against the US Dollar following the better than expected non farm payrolls data of 175K in February. The GBP/USD declined from 1.6785 to trade around daily lows at 1.6720.
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