The US Dollar stayed on the defensive against the Canadian Dollar, with the USDCAD pair struggling close to 5-week lows set on Friday.

A mix of factors applied some substantial selling pressure around the major on Friday and picked up some short-term trading stops being set close to the 50-day SMA support – around the 1.3200 round figure mark.

The USD weakened across the pond in response to softer headline NFP print, demonstrating that the US economy opened 130K new jobs in August and dominated upbeat wage growth data for the reported month.

Also, Canadian employment details demonstrated that the number of employed people climbed strongly by 81.1K in August as against 15K expected and a fall of 24.2K in the earlier month, which gave a goodish boost to the CAD.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.