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June 09, 2023USD/CAD dropped to 1.3309, hitting its lowest point in 3 months. Later, it recovered 42 pips and is now trading at 1.3351.
Canada's Employment Change new data released of -17,300 below its previous figure.
Employment Change in Canada fell short of market expectations (23,200) with a reading of -17,300, continuing the decline from the previous figure of 41,400.
Nonetheless, encouraging indicators for US Dollar-Canadian Dollar published earlier when following a previous reading of 233,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000.
While price action maintains a negative bias, Canada Unemployment Rate published today at 12:30 UTC came out at 5.2, falling short of the 5.1 projections and continuing its decline from the previous five figure.
In the meantime, negative performances are seen in other pairs, after ending yesterday's session at 1.769, EUR/NZD lost 143 pips and is trading around 1.7546. EUR/AUD closed at 1.5953 (down 0.64%).
Positive performances can be seen by looking at other currencies as USD/CHF gained 0.46% and is now trading at 0.903.
As things stand, US Dollar-Canadian Dollar is 18% away from a significant low of 1.1321 first set 6 months ago.
