Solid News

Canadian Labor Market Growth Surprises Investors

1/9/2023 11:47 AM

Against a decrease in the quotes of the American currency, the USD/CAD pair trades around 1.3408.

The dynamics of the asset were influenced by positive data on the Canadian labor market: in December, the number of jobs increased by 104.0K, which is significantly more than 10.1K earlier and forecasts for growth by 8.0K, while full employment rose by 84.5K, and a partial increase in the indicator amounted to 19.5K after a decrease in November by 40.6K. As a result, the unemployment rate fell to 5.0%, although analysts expected an increase in the value to 5.2%.

The US dollar failed to break the level of 105.000 in the USD Index and dropped to December levels around 103.500. The positive report on the labor market, which reflected an increase in nonfarm payrolls by 223.0K jobs instead of 200.0K, was leveled by subsequent data on wages: the average hourly rate rose by 0.3%, which is below the expected growth by 0, 4%, resulting in growth slowing to 4.6% YoY from 4.8% a month earlier.

On the daily chart, the trading instrument moves within the global downward corridor with dynamic boundaries 1.3620–1.3030.

The fluctuation range of the EMA on the Alligator indicator is reversed, giving a clear sell signal, the AO oscillator histogram forms downward bars in the sell zone, and fast EMAs on the Alligator indicator have crossed the signal line downwards.

Resistance levels: 1.3500, 1.3680. | Support levels: 1.3330, 1.3120.

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