The Canadian dollar is enjoying a strong end to the week with the latest employment figures boosting the Loonie. CAD is gaining across the board with the largest rise coming against JPY.
A rise of 54.5k for the employment change represents the largest increase since the October 2016 reading and was well above both the consensus forecast (+11.5k) and the prior reading (3.2K).
The strong rise seen in the employment change brings the reading to one of its best readings in recent years. The 6 month average is now climbing once more too and also suggests good strength in the Canadian labour market
The GBPCAD cross has seen some strong selling the past 24 hours largely due to the drop in the pound following the shock in the UK election. The strong jobs data has seen the market move back down near to the 1.71 handle once more.
On longer timeframes the market could now be falling to test a potentially key support level. A rising trendline from the low seen at the start of the year is now being tested once more and a clean break through here could be seen as a change in the long term trend.
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