Forex: USD/CAD loses 0.9900 level after US/Canadian data

FXstreet.com (Barcelona) - The USDCAD has climbed steadily during the European session, only to hit a wall as investors brace themselves for the tranche of economic data out of both Canada and the United States. On the heels of these key data releases, the pair has surrendered its gains, losing 30 pips, but remaining in positive territory.

In the United States, the crucial Nonfarm Payrolls (December) were reported at 155K, against a consensus of 150K. Moreover, the Unemployment rate has climbed to 7.8% in the month of December, relative to expectations of 7.7%. Finally, Average Hourly Earnings, (MoM) climbed +0.3 in December, against estimates of +0.2%.

In Canada, the Unemployment Rate in the month of December yielded a result of 7.1, against a projected 7.3%. In addition, Net Change of Employment (December) came in at 39.8K, against a consensus of 5.0K.

At the time of writing, the pair has settled in the region of 0.9881/82, netting an advance of +0.04% Friday. Mataf.net analysts point to resistances at 0.9902 onto 0.9917, and finally 0.9947. On the downside, a break below 0.9857 will trigger supports at 0.9827 down to 0.9812.