On Friday, December 3rd, there was another release of stats on employment in the US and Canada.
The data happened to be multidirectional. That is, in the US employment declined while in Canada it grew. Markets didn’t take long to respond, and in the first 15 minutes USDCAD fell by 0.37%, supporting the results of our study “Multidirectional Dynamics of the US and Canada’s Labour Markets”.
By the end of the trading day, the effect of multidirectional data had been neutralised.
Overall during the week between November 23rd and December 3rd, the pair grew by 0.7% having satisfied the seasonal trends:
Having faced a strong resistance level, which has remained unbroken for a year, the pair is likely to go down to its support at 1.23: