- February 7, 2020
- Posted by: John Curran
- Category: Market News
Good morning,
US non-farm payroll exceeded the 160K expectation with an impressive 225K print. Canada’s net change in employment came in at 34.5K from 15K expected. A quick analysis of the data on both sides of the border reveals that the market was expecting the NFP figure to exceed, especially after the ADP private payroll data earlier in the week revealed a figure of 291K. The USDCAD reacted to the news with a buy the rumor sell the news trade. The US data coupled with Canada’s more than doubling of its estimated jobs data led to a muted market reaction for the start of the day. The USDCAD will continue to trade in these technical ranges as the Canadian dollar falters along a lower oil price. Reiterating USDCAD key support of 200 day moving average remains unchanged at 1.3225 – the next resistance level to note is now 1.3328/21 November / December double top.