USD/CAD advances to 1.3450 on data

USD/CAD has quickly recorded fresh 8h-month tops in the mid-1.3400s after the release of labour market figures in Canada and the US.

USD/CAD stronger after data

The pair met extra buying pressure after the US economy added 161K jobs during October, missing estimates and down from September’s 191K (revised from 156K).

On the brighter side, the unemployment rate dropped to 4.9%, Average Hourly Earnings rose above expectations 0.3% MoM and the trade surplus shrunk to $36.44 billion in September.

On the Canadian side, the Employment Change rose by nearly 44K jobs and the jobless rate stayed unchanged at 7.0%. The trade deficit rose more than expected to almost $4.1 billion during September, more than forecasted.

Adding to CAD offered bias, the barrel of WTI is down more than 1%, currently challenging the key support at the $44.00 mark.

Later in the session, Atlanta Fed D.Lockhart (2018 voter, centrist), L.Brainard (permanent voter, dovish), Dallas Fed R. Kaplan (2017 voter, neutral), Minneapolis Fed N.Kashkari (2017 voter, neutral) and S.Fischer (permanent voter, hawkish) are all due to speak, keeping the attention around the buck.

USD/CAD significant levels

As of writing the pair is up 0.25% at 1.3430 facing the next up barrier at 1.3451 (high Nov.4) followed by 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a break below 1.3288 (20-day sma) would aim for 1.3158 (55-day sma) and then 1.3002 (low Oct.19).