USD/CAD retraces daily gains despite jobs data, OPEC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD is back at square one on Friday following a heavy day datawise, which saw both US and Canadian employment reports, the OPEC meeting and a strong fall in oil prices, and Ivey PMI, to name the most relevants.

    While Canadian jobs report came in much weaker than expected (-35.7K vs -10K exp), US nonfarm payrolls beat expectations. Employment reports coupled with a strong fall in oil prices as the OPEC raised oil production ceiling, sent USD/CAD to a peak of 1.3415.

    However, gains were quickly reversed as the US dollar faces another wave of selling despite the solid NFP figures, with the pair pulling all the way back to 1.3316 before finding support.

    At time of writing, USD/CAD was trading at 1.3348, virtually unchanged on the day. The pair is still on track for a mild weekly decline, following four weeks of gains.
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