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USD/CAD falls after it just fails to set a new 2024 high today
On Friday afternoon the latest Canadian jobs numbers eventually sent the currency lower. The fact that payrolls rose double what was expected did not compensate for the jump in the unemployment rate, to 6.8%. The slide in average wages also helped to send the currency lower. That coupled with an eventual rebound in the US dollar, on the back of their payroll data, helped to push the USD/CAD above 1.41 and later extend that move to above 1.4150. The USD/CAD closed on Friday at 1.4157. That was actually the highest daily and weekly close for the USD/CAD this year and the highest since April 2020. However, it did not quite reach the spiked high it set back on November 26, when it topped out at 1.4178. Indeed, it balked at that earlier today, when it topped out at 1.4175. The USD/CAD is now dropping back to set fresh session lows a moment ago, at 1.4133. The USD/CAD is currently trading at 1.4136
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