Canadian Dollar trends broadly lower after brief rally.

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• Canadian Dollar trends broadly lower after brief rally.
• Canada added more jobs than expected in January.
• Canadian wage growth in January continues to ease.

The Canadian Dollar (CAD) slipped back after testing higher on Friday. Markets readjusted exposure to the US Dollar (USD) after the US Bureau of Labor Statistics (BLS) introduced broad seasonal adjustment changes to how the Consumer Price Index (CPI) is calculated, causing slight changes to near-term inflation prints.

Canadian wage figures eased further in January, and net job additions showed a higher number of job gains than markets forecast, while December’s jobs number also saw an upside revision. The Canadian Unemployment Rate also ticked lower in January.

The Canadian Dollar is broadly lower on Friday, dipping into the red against the majority of its major currency peers with the New Zealand Dollar (NZD) leading the charge, gaining two-thirds of a percent against the CAD, while the Australian Dollar (AUD) approaches half a percent in gains against the Canadian Dollar.

The Canadian Dollar rallied early against the US Dollar, sending the USD/CAD into a near-term low of 1.3413 before a rally in the USD sent the pair back into the high end near 1.3480. The pair has rallied half a percent bottom-to-top on Friday, keeping the USD/CAD pinned into near-term congestion.

The USD/CAD continues to trade into the 200-day Simple Moving Average (SMA) near 1.3475, and bidders will be looking to drive the pair back into the last meaningful swing high at 1.3900 last November. On the low side, sellers will be looking for a return to December’s bottom bids near 1.3200.

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