Markets pile into the US Dollar after NFP posts biggest number in a year.
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- Markets pile into the US Dollar after NFP posts biggest number in a year.
- Canada wrapped up econ data on Wednesday, Loonie traders await Ivey PMIs next Tuesday.
- US NFPs also saw huge revisions on the back end.
The Canadian Dollar (CAD) is broadly higher for Friday, gaining ground against nearly every major currency peer across the FX market, but the US Dollar (USD) has taken the top spot for the day after US Nonfarm Payrolls (NFP) surged to their highest figure in a year.
Canada is absent from the economic calendar on Friday, and CAD investors will be looking forward to next Tuesday’s Canadian Ivey Purchasing Managers Index (PMI) figures. Bank of Canada (BoC) Governor Tiff Macklem will also be making an appearance next Tuesday.
The Canadian Dollar (CAD) is up against the majority of its major currency peers, gaining two-thirds of a percent against the Japanese Yen (JPY) and the New Zealand Kiwi (NZD). The Canadian Dollar shed half a percent against the US Dollar, bringing the USD/CAD within reach of the week’s opening bids as the pair goes flat.
USD/CAD surged back above the 200-hour Simple Moving Average (SMA) near 1.3443, and the pair tested into the 1.3480 neighborhood on Friday.
USD/CAD’s Friday surge sends the pair back into a consolidation pattern between the 50-day and 200-day SMAs, and USD/CAD is set to continue churning in near-term congestion as prices stick close to the 200-day SMA near the 1.3500 handle.
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