USD/CAD within range after payrolls, above 1.3500

The greenback keeps the composure vs. its Canadian peer on Friday, with USD/CAD hovering over the low-1.3500s following US and Canadian results.

USD/CAD gains capped near 1.3550

The pair stays around the 1.3500 handle after US non farm payrolls came in below estimates in May, showing the economy added 138K jobs vs. 185K initially forecasted.

In Canada, the trade deficit shrunk to $0.37 billion in April while labor productivity expanded 1.4% QoQ during the January-March period, surpassing consensus.

Spot is debating between the sharp sell-off around the greenback and some tepid recovery in crude oil prices, which has been weighing on CAD in past sessions. The barrel of West Texas Intermediate has now managed to leave the area of daily lows near $46.80 and has regained the mid-$47.00s following the slump in the buck.

Yields in the US money market, particularly in the shorter end of the curve, tumbled to fresh lows in the wake of the poor NFP results, while Canadian yields are currently bouncing off daily lows.

USD/CAD significant levels

As of writing the pair is losing 0.01% at 1.3515 facing the next hurdle at 1.3548 (high Jun.2) followed by1.3561 (20-day sma) and then 1.3575 (38.2% Fibo of the April-May rally). On the other hand, a break below 1.3437 (low May 31) would expose 1.3424 (low May 29) and finally 1.3365 (100-day sma).