According to the Bureau of Labor Statistics (BLS) in the US, employment rose by 225 thousand in January vs 163 thousand expected, which was welcoming news; nevertheless, the overall unemployment rate also increased by 0.1 percentage point to 3.6 per cent.
In comparison, the Canadian labour market managed to add 34.5 thousand new jobs in the previous month vs 16.3 thousand expected.
The unemployment rate in the country thus fell from 5.6 per cent in December to 5.5 per cent in January, which is a much better performance than the initial forecasts for a surge in unemployment to 5.7 per cent.
Overall, the two reports diverged from the preliminary expectations. The USDCAD pair, however, reacted positively to the news after the initial shock.
It is currently attempting to break out above the major resistance level at 1.33177.
USDCAD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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