BREAKING: CAD drops on poor jobs data

Release of the Canadian jobs data at 1:30 pm BST triggered moves on the Canadian dollar market. Report turned out to be much worse than expected with a big drop in full-time employment. This led to a weakening of CAD and a jump in USDCAD exchange rate. 

Employment change: -39.7k  vs +15k expected (-30.6k previously)

• Full-time: -77.2k vs -17.5k previously

• Part-time +37.5k vs -13.1k previously

Unemployment rate: 5.4% vs 5.0% expected (4.9% previously)

USDCAD jumped back above the 1.30 handle following a poor jobs report. A big drop in full-time jobs is most worrying. However, technical picture for the pair did not change much - the pair continues to trade below the lower limit of a local market geometry. Should we see a break back above it, the nearest resistance to watch can be found in the 1.3070 area.

Source: xStation5