Canadian Dollar rebounds strongly in early US session after stellar employment data. The job market grew 67k in January, way above expectation of 6.5k. Employment gains were driven entirely by private sector, which grew 112k. Unemployment rate rose to 5.8%, up from 5.6%, higher than expectation of 5.7%. But that was because “more people looked for work.”
USD/CAD’s focus is back on 1.3229 minor support after the dive. As long as 1.3229 holds, we’d still expect another rise to 1.3375 resistance. However, break could indicate completion of rebound from 1.3068 and bring deeper fall back to this short term bottom.