Daily Commentary & Market Insights, Dec.6, 2019

Good morning,

The gains that the Canadian dollar posted from Wednesday’s Bank of Canada announcement have retraced considerably this morning. Today’s nonfarm payrolls print for the month of November posted a solid gain of 266K new US jobs vs the 180K estimate. US year over year average hourly earnings expanded to 3.1% from an estimate of 3%. The US employment rate ticked down to 3.5% from 3.6%. Canada posted lackluster results with last month’s net change in employment posting a downbeat figure of -71.2K jobs for November. The Canada Unemployment rate for November increased to -5.9% from 5.5%. USD/CAD resistance levels are now targeting 1.3320 multi day Nov 20 peaks with support of 1.3115 Nov 4 low.