The USD/CAD pair faces a sharp sell-off to 1.3630 in Friday’s early New York session as Statistics Canada has posted strong Canadian Employment data.
`USD/CAD drops sharply to 1.3630 after strong Canadian Employment data. Canadian job market expanded by 90.4K fresh payrolls while annual wage growth slowed to 4.8%. Fed Bostic said the central bank is uncertain about when and how much interest rates should be reduced. The agency showed that the employers hired 90.4K job-seekers in April, significantly higher than the consensus of 18K. In March, the job market recorded a lay-off of 2.2K employees. The Unemployment Rate remains steady at 6.
It is worth noting that Canada is the leading exporter of Oil to the United States and higher Oil prices support the Canadian Dollar. On the US Dollar front, steadily cooling US labor market conditions have kept the US Dollar’s upside limited. The US Dollar Index, which tracks the Greenback’s value against six major currencies, rebounds slightly from the crucial support of 105.00.
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