{"id":65428,"date":"2019-11-08T09:51:14","date_gmt":"2019-11-08T14:51:14","guid":{"rendered":"https:\/\/currencylive.com\/?p=65428"},"modified":"2019-11-08T09:54:33","modified_gmt":"2019-11-08T14:54:33","slug":"101451-usd-cad-canadian-dollar-loses-ground-on-weak-labour-statistics","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101451-usd-cad-canadian-dollar-loses-ground-on-weak-labour-statistics\/","title":{"rendered":"USD\/CAD: Canadian Dollar Loses Ground on Weak Labour Statistics &#038; BoC Easing Bets"},"content":{"rendered":"<p>The US dollar is one of the top-performing currencies as the recent risk rally takes a breath in today\u2019s trade. Risk currencies and stocks are overall down for the day as markets start questioning the timing of the tariff rollback between the US and China.<\/p>\n<p>The Canadian dollar, on the other side, lost ground against all major currencies on disappointing labour market statistics for October, released today. Employment slightly declined by 1.8K, missing market expectations of a 14.7K rise. The unemployment rate was unchanged at 5.5% in October.<\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F65428&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-65277\" style=\"padding-top: 5px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/11\/transferwise-inline-banner-money-transfer.jpg\" alt=\"\" width=\"670\" height=\"125\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>While markets were pricing in only a small probability of a rate cut in Canada at the next Bank of Canada meeting, today\u2019s employment report showed that the central bank could follow the US Fed in monetary easing to support the economy.<\/p>\n<p>The Canadian dollar was also impacted by lower oil prices, with Brent crude giving back weekly gains and falling a whopping 1.8% on a strong US dollar rally.<\/p>\n<p>From a technical standpoint, the USD\/CAD pair found support at the channel pullback mentioned in yesterday\u2019s article.<\/p>\n<p>Overall, the recent uptrend in the pair looks quite overstretched as the RSI is forming a hidden bearish divergence.<\/p>\n<p>Another important hurdle for buyers is the 61.8% Fib level at 1.3235, measured from the peak to the trough of the October downtrend. As of 2:20 p.m. London time, the US dollar traded at 1.3230 against the loonie. If we see a break above that level, the next possible resistance lies at the October 9 high of 1.3345.<\/p>\n<p>To the downside, sellers have to keep an eye on the strong horizontal support at the 1.3200 level, followed by the November 5 low of 1.3115.<\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The US dollar is one of the top-performing currencies as the recent risk rally takes a breath in today\u2019s trade. Risk currencies and stocks are overall down for the day as markets start questioning the timing of the tariff rollback between the US and China. The Canadian dollar, on the other side, lost ground against [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":61420,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1381],"tags":[1680,1683,1397,1398],"class_list":{"0":"post-65428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-usd","9":"tag-cad","10":"tag-canadian-dollar","11":"tag-us-dollar","12":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/CAD: Canadian Dollar Loses Ground on Weak Labour Statistics &amp; BoC Easing Bets - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101451-usd-cad-canadian-dollar-loses-ground-on-weak-labour-statistics\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101451-usd-cad-canadian-dollar-loses-ground-on-weak-labour-statistics\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101451-usd-cad-canadian-dollar-loses-ground-on-weak-labour-statistics\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"USD\\\/CAD: Canadian Dollar Loses Ground on Weak Labour Statistics &#038; 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