Employment data on Canada
The Canadian dollar fell sharply against the US dollar, losing about 85 points, which was caused by the publication of data on employment in Canada.
- In January, the change in the employment of the population was -88 thousand, against the December figure at 64.8 thousand.
- The unemployment rate rose to 5.9%, compared with the previous value of 5.8%.
Technical analysis: The pair USD/CAD moves in the short-term upward channel. Against the backdrop of the release of negative statistics, the instrument price updated the daily high to the level of 1.2686. The weakening of the US currency is a restraining factor of the stronger growth of the pair at the moment.
Key recommendations: The main recommendation will be the sale of the instrument if the price fixes below the level of 1.2550 with the potential to decline to the levels of 1.2485, 1.2435. Also, one of the main conditions for the sale of the instrument will be a recovery in the growth of oil prices.
Fig. USD/CAD. The current price is $ 1.2593.
Alexander Sivtsov