USD/CAD (current price: 1.3043)
The Canadian Employment Report was also released on Friday and payrolls unexpectedly declined by 0.7 thousand compared to the consensus estimate of a slight gain of 5.5 thousand. The Unemployment Rate fell to an encouragingly low 6.8%, but overall the report was somewhat worse than the U.S. release. The pair, which has been tracking oil recently finished slightly higher on the day, back above the crucial short-term resistance zone between 1.30-1.3015.
Our assessment: The cross is still inside a narrowing consolidation pattern, with the 200-day MA providing resistance at 1.33 and strong support 1.2920 and at 1.2820.
