USD/CAD plummets to 1.3460 post- CAD jobs

The Canadian Dollar picked up extra pace vs. its American peer at the end of the week, sending USD/CAD to fresh daily lows in the 1.3460 region.

USD/CAD offered on upbeat data

CAD met a bout of buying pressure after the Canadian employment change rose more than expected by 54.5K during May, crushing initial estimates. Further data saw the unemployment rate matching consensus at 6.6%, up from April’s 6.5%.

Further results saw the capacity utilization rate advancing to 83.3% during the first quarter, while the participation rate increased to 65.8% in May from 65.6%.

CAD quickly broke below the consolidative theme around 1.3500 the figure in the wake of the results, with decent support emerging in the 1.3460 area for the time being.

USD/CAD significant levels

As of writing the pair is losing 0.23% at 1.3478 and a breach of 1.3460 (low Jun.9) would open the door to 1.3426 (low Jun.7) and finally 1.3385 (low May 25). On the upside, the next hurdle is located at 1.3548 (high Jun.2) followed by 1.3575 (38.2% Fibo of the April-May up move) and then 1.3659 (23.6% Fibo of the April-May up move).