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USDCAD surge on Downbeat Canadian Data

USDCAD jumped today trimming all its losses from yesterday from the support level at 1.0813 to find resistance at 1.0904.The pair got surge from the downbeat Canadian data weakening the Canadian Dollar, however the strong jobless claims data from yesterday continue to underpin the demand of US dollar. If the pair continue to move up the pair might break this resistance and find the next resistance at 1.0941.

 According to the report the employment decreased by 29000 in April and unemployment rate remain unchanged at 6.9% as the number of participating people in the labor market fell down. Economists were expecting an increase in employment by 12800. There has been little overall employment growth in Canada since August 2013.