Forex Special - The Greenback rose aggressively over 100 pips against the Greenback on Friday, weighed by an increase to 8% vs 7.9 previous in the Canada unemployment rate. The Net Change aettled at -9.3K, way below estimates. Current price sits at 1.0220, a 0.54% higher compared to its previous close.
As soon as the downbeat employment figures came out, the pair spiked up on a wild 65-70 pips move, reaching its highest peak at 1.0235, new 2-day high. Prior to the bullish storm, USD/CAD had found support at 1.0143, intra-day low.
Loonie is experiencing a harsh upside correction, after having rallied the USD for over 3 weeks, gaining almost 4% since all started in July 20. The slump in the USD touched its lowest level for 2 months at 1.0104 in yesterday's session.