USD/CAD plummets to 1.2660 post-data

The Canadian dollar is sharply appreciating vs. its neighbour today, now quickly pushing USD/CAD to lows near 1.2660.

USD/CAD lower on data

CAD met increasing buying pressure after the economy added 13.8K jobs during May and the unemployment rate has ticked lower to 6.9% from 7.1%, both prints surprising markets to the upside.

Spot eroded its earlier gains and dropped to fresh 2-day lows in the 1.2660 region in the wake of the release, waiting for US Consumer Sentiment figures for the current month (94.0 exp.).

USD/CAD significant levels

As of writing the pair is losing 0.25% at 1.2690 and a break below 1.2655 (low Jun.8) would expose 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3). On the upside, the initial up barrier lines up at 1.2887 (55-day sma) ahead of 1.2967 (20-day sma) and finally 1.3145 (high May 30).