USD/CAD drops towards 1.2450 as Canada adds 230.7K jobs in June

Unemployment Rate in Canada dropped to 7.8% in June vs. 7.7% expected
USD/CAD drops further below 1.2500 after the data.

Dhwani Mehta FXStreet

The Canadian economy added 230,700 jobs in June when compared to 68,000 job losses reported in May and expectations of +195,000, the latest data published by Statistics Canada showed on Friday.

Meanwhile, the Unemployment Rate in Canada dropped to 7.8% in June from 8.2% in May, missing estimates of 7.7%.

Additional takeaways

Canada June full-time employment -33.2k, part-time employment +263.9k.

Canada June participation rate 65.2%; vs may 64.6%.

Canada June average hourly wage of permanent employees +0.1% YoY vs. May -1.4%.

Canada goods sector -48k jobs in June, services sector +278.6k jobs.

Market reaction

The USD/CAD pair dropped to a daily low of 1.2470 on a bigger-than-expected jump in job gains last month.

As of writing, the pair is trading at 1.2476, down 0.45% on the day.

USD/CAD 15-minutes chart

USD/CAD technical levels to consider

USD/CAD

Overview
Today last price	1.2476
Today Daily Change	-0.0041
Today Daily Change %	-0.33
Today daily open	1.2534

Trends
Daily SMA20	1.2344
Daily SMA50	1.2209
Daily SMA100	1.2379
Daily SMA200	1.2649

Levels
Previous Daily High	1.259
Previous Daily Low	1.2477
Previous Weekly High	1.245
Previous Weekly Low	1.2288
Previous Monthly High	1.2487
Previous Monthly Low	1.2007
Daily Fibonacci 38.2%	1.2547
Daily Fibonacci 61.8%	1.252
Daily Pivot Point S1	1.2477
Daily Pivot Point S2	1.242
Daily Pivot Point S3	1.2363
Daily Pivot Point R1	1.2591
Daily Pivot Point R2	1.2647
Daily Pivot Point R3	1.2704

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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