USD/CAD tumbles to fresh 2017 lows post-data, near 1.2900

The Canadian Dollar has gathering further steam following today’s docket, relegating USD/CAD to the area of fresh lows in the 1.2900 neighbourhood.

USD/CAD weaker on upbeat CA report

CAD-bulls are pushing higher today after Canadian employment change rose by 45.3K jobs in June, while the jobless rate ticked lower to 6.5% from 6.6%, beating initial estimates.

The selling pressure in spot found extra motivation after the US jobs report showed wage growth remained stagnant during last month despite the US economy added more jobs than initially forecasted (222K act. vs. 179K exp.).

CAD remains firm for the time being, prompting the pair to stay on its way to close the second consecutive week with losses and recording fresh YTD lows at the same time. Further buying interest around CAD is also coming from expectations of a rate hike by the Bank of Canada at its meeting next week.

USD/CAD significant levels

As of writing the pair is retreating 0.50% at 1.2913 and a break below 1.2902 (2017 low Jul.7) would open the door to 1.2818 (low Sep.7) and then 1.2759 (monthly low Aug.18 2016). On the other hand, the next up barrier is located at 1.3000 (psychological handle) seconded by 1.3024 (10-day sma) and then 1.3158 (21-day sma).