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BREAKING: USDCAD sinks after jobs data

2:36 PM 10 January 2020

Labour market reports from the US and Canada were released at 1:30 pm GMT. US report missed the 160k estimate as it came in at 145k. US wage growth slowed from 3.1% YoY to 2.9% YoY (expected 3.1% YoY). When it comes to the Canadian data, employment rose 35.2k in November (expected 25k), led by strong creation of full-time jobs. As a result, USDCAD took a major dive and broke to a fresh daily low.

NFP report turned out to be disappointing as it came in below market expectations and below historical averages for December. Source: Macrobond, XTB Research

USDCAD took a major dive following jobs data release. The pair pulled back and tested the lower limit of the short-term upward channel. Source: xStation5

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