USD/CAD remains under 1.3500 after upbeat Canadian jobs report

US Initial Jobless Claims rise to 228,000, above the 200,000 of market consensus.
Canadian economy adds 34,700 jobs in March, more than 12,000 expected.
USD/CAD remains in the previous range, below 1.3500.

Matías Salord FXStreet

The USD/CAD is hovering around 1.3470/80 after the release of employment numbers from the US and Canada. The pair dropped to 1.3457 and then bounced to 1.3480 after the economic figures, staying sideways, in a familiar range.

Employment numbers from US and Canada

In Canada, the economy added 34,700 jobs in March, surpassing expectations. The Unemployment rate stayed unchanged at 5%. The Loonie strengthened against it main rivals, hitting fresh daily highs, expected versus the US Dollar.

The weekly US Jobless Claims report came in below expectations. Initial Jobless Claims rose to 228,000, above the 200,000 of market consensus. The Labor Department made a sharp revision to the upside in the previous weeks, reflecting a change in the methodology. Friday is Nonfarm Payrolls Day.

The US Dollar rose despite signs of labor conditions softening. US stocks react negatively, probably reflecting fears about the global economic outlook. US yield dropped but quickly rebound.

Technical outlook

The USD/CAD is moving between two key moving averages in the daily chart: the 200-day offers support at 1.3380 while the 55 and 100-day are near 1.3525.

The bias is skewed to the downside, however technical indicators favor some consolidation after the recent rally of the Loonie that send USD/CAD from 1.3740 to the 1.3400 area.

USD/CAD Daily Chart

USD/CAD

Overview
Today last price	1.3473
Today Daily Change	0.0016
Today Daily Change %	0.12
Today daily open	1.3457

Trends
Daily SMA20	1.3653
Daily SMA50	1.3547
Daily SMA100	1.3526
Daily SMA200	1.3384

Levels
Previous Daily High	1.3484
Previous Daily Low	1.3426
Previous Weekly High	1.3745
Previous Weekly Low	1.3508
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3462
Daily Fibonacci 61.8%	1.3448
Daily Pivot Point S1	1.3428
Daily Pivot Point S2	1.3398
Daily Pivot Point S3	1.337
Daily Pivot Point R1	1.3485
Daily Pivot Point R2	1.3513
Daily Pivot Point R3	1.3543

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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