USD/CAD flirting with 1.3000 on data

The Canadian dollar remains entrenched in the negative territory vs. its American peer on Friday, taking USD/CAD to the 1.3000 neighbourhood, or daily tops.

USD/CAD bid post-data

Spot gathered further pace after the Canadian report on the labour market showed the jobless rate ticking higher to 7.0% during August vs. a forecasted 6.9%. On the brighter side, the Net Change in Employment has increased by 26.2K, reverting July’s over 31k drop.

Adding to CAD weakness, the barrel of West Texas Intermediate has now accelerated its decline to the mid-$46.00s, shedding more than 2%.

USD/CAD significant levels

As of writing the pair is advancing 0.43% at 1.2990 facing the next resistance at 1.3002 (base of the 4-month rising channel) followed by 1.3149 (high Sep.1) and then 1.3253 (high Jul.27). On the flip side, a break below 1.2827 (low Sep.6) would expose 1.2759 (low Aug.18) and finally 1.2674 (low Jun.123).