USD/CAD holds to losses near 1.3480 after NFP and Canadian jobs reports

• US payroll rise by 253,000 against 179,000 expected. 
• Canadian Unemployment Rate remains at 5%. 
• USD/CAD steady near 1.3500, at weekly lows. 

The USD/CAD held relatively steady, trading near the weekly low near 1.3480 following the release of labor market data in Canada and the US. While US Non-farm Payroll (NFP) figures showed positive results, they were balanced out by an equally positive report from Canada.

Strong labor markets 

In April, the US economy added 253,000 jobs, surpassing the expected 179,000. Additionally, the Unemployment Rate decreased to 3.4%, below the expected 3.5%. However, the March payrolls were revised downwards from 236,000 to 165,000.

In Canada, the Unemployment Rate remained steady at 5%, slightly better than the market consensus of 5.1%. The Net Change in Employment was 41,400, surpassing the expected 20,000.

After the release of the NFP, the US Dollar appreciated against most currencies, but the Canadian Dollar outperformed due to the positive Canadian numbers. 

The USD/CAD initially rose to 1.3507 before turning downwards and falling below 1.3490. The pair is currently trading near at its lowest levels in two weeks, looking at the 1.3475/80 support. 

Technical levels