USD/CAD drops below 1.3200 post-data

The Canadian dollar picked up extra pace vs. its American neighbour on Friday, sending USD/CAD to challenge daily lows in sub-1.3200 levels.

USD/CAD lower after US, CAD releases

Spot met extra selling pressure after the US economy has created less jobs than expected during December, 156K vs. 178K initially forecasted and lower than November’s 204K (revised).

The jobless rate has ticked higher to 4.7%, matching estimates, while Average Hourly Earnings surprised to the upside, up 0.4% during the last month of 2016.

In Canada, Employment Change surged above estimates by nearly 54K and the unemployment rate stayed put at 6.9%. Further data showed a trade surplus of $0.53 billion in November, revering the previous $1.02 billon deficit.

USD/CAD significant levels

As of writing the pair is losing 0.21% at 1.3188 facing the next support at 1.3115 (2-month support line) and then 1.3078 (low Dec.14). On the upside, a breakout of 1.3311 (38.2% Fibo of the 2016 drop) would open the door to 1.3383 (20-day sma) and finally 1.3463 (high Jan.3).